How to get lower Virginia mortgage rates?

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<h1>How to get lower Virginia mortgage rates?</h1><strong> Author: <a href='http://www.articleseen.com/profile_asikora.aspx'>asikora</a></strong><br /><p>Are you looking for low mortgages in Virginia? Virginia mortgage lenders do offer low mortgage rates. But it is a bit difficult to obtain such rates. This is because to get low rates you need to meet some specific criteria. The criteria are set to such high specifications that only few loan seekers can meet them. One of the criterions is to have a decent credit. To some Virginia mortgage lenders this may mean a high credit rating, may be up to 750 points. To some the requirement may be as less as no recent late payments with a credit score of 600 or more. While seeking mortgage loans, it is always safe to have at least two revolving credit items with a low balance on your score. These include low credit card dues. Another important criterion that can fetch you low mortgage rate is possession of valuables or assets. The possessions that can get you value include a good bank balance, a property like shop, or even valuables like gold. In fact, if your assets in the bank can cover up to 10% of the loan, you can always be in a better position to bargain for a lower interest rate. When you have reasonable possessions your mortgage loan is treated as a secure long term investment. Lenders are willing to bring down rates only if the they are convinced that their investments are safe and profitable. Virginia mortgage lenders consider short term loans as a safe investment. So they are more often than not willing to offer low mortgage interest rates to short term loans. Needless to say a short term investment is a better investment than a long term one for both the lender and the borrower. While the lender can recover the money fast, the borrower can get the loan off his back soon. However, the borrower will have to take the pain of paying higher monthly investments. Even if it entails a little bit of difficulty, you need to opt for this to bring down the rates and save some money in the long run. Calculations show that the monthly payment on a 20 year loan is just a little higher than the 30 year one. Bartering can also help to reduce the interest rate. For this you need to do proper research and be aware of the market trends. Be in touch with a number of brokers and banks to get unofficial quotes on mortgage rates. Detailed and exhaustive comparisons can help you get a fair idea of the lowest available rate. With the right information you can barter with lenders. Initially Virginia mortgage lenders may not budge. However, if you are a good or promising investment, he may be forced to relent. If you are willing to purchase points you can bring down your mortgage rates easily. However, the cost of a point can be anywhere between 3% of the total loan amount. This can reduce your mortgage rates from half to one percent. Though it may cost you initially, it can be quite helpful in the long term. The key to obtaining a lower mortgage rate in Virginia is maintaining a good credit score. </p><strong>About the Author:</strong><br /><a rel="nofollow" href="http://www.virginiamortgagesite.com">Virginia Mortgage</a> offers competitive interest rates that always beat the banks! Andy Sikora Certified Mortgage Planning Specialist and Certified Liability Advisor to take your call 24 hours a day! Apply online anytime! Purchase, Refinance, Construction, Second Mortgage, FHA home loans, VA, USDA, VHDA.<p> Article Source: <a href='http://www.articleseen.com/Article_How-to-get-lower-Virginia-mortgage-rates_78438.aspx'> http://www.articleseen.com/Article_How to get lower Virginia mortgage rates?_78438.aspx</a></p>

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Keywords : Virginia mortgage, Virginia mortgage rate, Virginia mortgage lenders,

Category : Finance : Mortgage