Mortgage-loan: Getting A Low Interest Rate [mortgageinsurance-101.blogspot.com]
Question by Just Me: Are There Any Special Lower-Interest Mortgage Loans ? I want to build a small house in a rural area but I am single and don't make a lot of money. Are there any special lower-interest loans available that I might qualify for? (If students can get scholorships for school I was thinking there might be special programs out there to help people to buy/build homes. This would not be my first home so I guess I wouldn't qualify for Fannie Mae) This is really mportant to me so please let me know if you have any information on mortgage/construction loans that might help me. Thank you! Best answer for Are There Any Special Lower-Interest Mortgage Loans ?:
Answer by parsonsel
Check with the state that you want to build in as many have 1st time buyer/builder loans with lower interest or down payment. You can also apply for an FHA loan through the federal government.
They also say that a loan with a rate of 1% may have a pre-payment penalty, making it costly for Zuckerberg to pay off the loan and refinance with a fixed-rate mortgage if interest rates start going up. Still, wealth management experts say that ... Facebook CEO gets super-low 1% rate on home refinancing

When getting a mortgage loan, if you want a good deal, it is important to get a low interest rate. Find out what you can do to get a low interest rate!
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There are many things to consider when getting a mortgage loan, such as the terms and conditions of the loan, but one of the most important things you can do is to get the lowest interest rate possible. Getting the lowest interest rate will save you money, and will enable you to get the same house for a lot less money since mortgage loans are generally very large amounts of money over a course of a very long term. Therefore, the amount of money you save by the end of the term is astronomical, even if your interest rate was lowered by just a little bit.
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The first step in being able to get a low interest rate is to make sure you have good credit. But what is considered good credit? Anything around 678 and higher is considered good credit (the average is around 678-720).
Obviously, the higher your credit, chances are also higher that you will be able to get a lower interest rate. Lenders feel nervous lending large amounts of money to those with a poor credit score since a poor credit score generally means that the person is irresponsible with loans. Lenders will therefore increase the interest rate as a way to protect themselves against the borrower possibly not paying the loan back in full.Â
If you have a poor credit score, taking the time to improve it before trying to get a loan would be ideal. The best way to improve a credit score is taking the time to make all required payments on time. As you prove to be responsible with your payments, your credit score will also continue to improve.
Once you are ready to get a loan, even if you have good credit, it is important to read all the fine print. Getting a lower interest rate will not do you as much good if you are stuck with a lot of fines and charges each month. You also do not want a loan that will penalize you for paying off your loan early if you are able to pay it off since the sooner you are able to pay off your loan, the better.Â
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