There's already a lot going on when trying to buy a home and secure a loan to do so. What are some things that we should be doing to get the lowest rate?  Here are 5 ways to help you look for the lowest mortgage rates when you're shopping around for a home.

  1. Raising the Score - Raising your credit score is important. The reason is because conventional lenders tend to charge higher interest rates for lower credit scores.
  2. Loan Longevity - Deciding how long you want to keep the loan is important. This can change the kind of mortgage you decide to go with.
  3. More Than One - Make sure that you try and contact more than one financial institution. Diversity of institutions may include, but are not limited to credit unions, direct lenders and national banks.
  4. Single - Family vs Condo's - It's been said that it's better to buy a single-family home rather than a condominium as they tend to drop in value than a regular home.
  5. Fees - Make sure you ask about fees that may be associated with the loan. You don't need surprises when shopping for a low mortgage.

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