Mortgage Purchase | Understand PMI

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All Western Mortgage

• Mortgage purchase

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How to Get the Best Rates for your House Mortgage?

• If you wish to purchase a home, then you most
  certainly will have to make a mortgage purchase
  first. The terms and interest rates, at which you
  secure a mortgage loan, make a sizeable
  difference in what you pay over the duration of
  the loan.

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Here are some steps that you can follow, which
will allow you to secure the best interest rates
on your house mortgage

• Prepare Early
• Shop Around
• Consider other factors
• Understand PMI

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1) Prepare Early

• You will realize the importance of maintaining a
  good credit score when youll apply for a
  mortgage loan. Conventional lenders look for a
  score of at least 700 before approving your
  application and a good credit score also means
  better interest rates. So, even if you need a
  mortgage after 3 or 5 years, you need to start
  working on your credit from today itself. Also,
  save as much as you can because the more you can
  pay as down payment, the better interest rates
  you will get.

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2) Shop Around

• Research, compile, collate and compare interest
  rates offered by various lenders. Youll get a
  wide range of quotes from different lenders while
  researching online. So, shop around for home
  mortgage loans as much as you can before
  finalizing a lender.

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3) Consider other factors

• Interest rate is the most important parameter to
  consider while shopping for a mortgage, but there
  are other factors as well that you must consider
  before finalizing a lender. For instance, check
  for pre-payment penalty, closing costs,
  origination points, discount points etc.

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4) Understand PMI

• You are considered as a high risk borrower if
  your down payment is below 20 and in such a
  scenario, youll require a Private Mortgage
  Insurance (PMI). The cost of PMI will be borne by
  you and therefore, save up enough money to at
  least make 20 down payment.

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Questions?

• If you follow all these steps, chances are high
  that youll secure a great interest rate on your
  mortgage. If you are planning to buy your first
  home mortgage, visit All Western Mortgages
  website http//www.awmlending.com/ today and
  use our free mortgage calculator. You can also
  request for a free quote from us.

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All Western Mortgage Contact Information
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All Western Mortgage