Obtaining a Mortgage With Excellent Credit

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Having excellent credit can open the doors to many lenders if it is a mortgage you are looking for to either buy a home or refinance your existing one, because the lender sees you as a very low risk to them.

Simply put, having excellent credit means that you pay all of your bills on time, which of course is a good thing and makes you an attractive prospect to the lender.

By having excellent credit your options are virtually wide open and you can pretty much shop for and command some of the best rates available in the current market.

There are many ways to do this. With excellent credit you have the luxury of walking into your local neighborhood banks, requesting to speak with the mortgage specialist and shopping the best rates.

Keep in mind that loan to value can play a part in what the rate may be depending on your situation and what it is you plan to do.

Also, you can go on-line and check out what banks and other financial institutions are doing across the country so that you may compare with the national average.

As I have already stated in the above paragraphs, having excellent credit is a clear indication that you pay your bills on time and that lending institutions would love to have you as a customer.

This will give you leverage because the banks, loan officers, and brokers know that you have the ability to go just about any where you want to find the best loan product for you. So it is important to not only negotiate for a good rate but take a look at closing costs as well and see if you can’t negotiate them as well.

It is important to know that all loans must be paid for in one way or another, but some of the fees you will come across on the Good Faith Estimate may be negotiable.

Also, don’t be afraid to mention that you are shopping for rates, this could help to make your loan officer more flexible when it comes to some of the fees that may be negotiable because they now know for sure that they are up against competition.

It bears repeating, excellent credit will open doors for you so if you have the time, take the time and find the best rate at the lowest negotiating price possible.

Jennifer Hershey is the owner of www.explainingmortgages.com - a mortgage resource site providing updated information on mortgage products such as arm mortgage rates, prime rate, loan origination fees, fha, etc. The site is also tailored to consumers with both excellent and bad credit.