Wednesday, March 25, 2015

Tips for getting a decent home loan rate

Housing is creeping back up--not like a house afire (heh) but in the right direction.

Mortgage rates are still low, but come June, the Federal Reserve may ease govt subsidies to the financial system and rates may climb.

The rate you can get depends on your credit score and the amount you put "down."

--First size up your credit, writes Alex Vega, AP.You need good credit and proof of income these days, in addition to the down payment (which used to be zero). A FICO of 750 out of 850 should nail you a decent rate.

--Ask a lender to assess you. You will get a pre-approval letter if you pass muster.

--Keep an eye on fees, such as closing costs.

--Negotiate--Sometimes these fees are negotiable.

There is a lot to this--it is best to get a buyer's agent--worth the percentage. They will walk you through this.

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