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Top 15 Tips to Getting the Best Mortgage Deals

Decide whether you want to pay the loan in points or not.

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Ask yourself a few questions.

The points that come with a specific loan type can be the biggest amount you’ll be paying.  Each of those points is pretty much a percentage of the home loan’s total amount.  Talk this through with your lender.  That way, if you’re looking to file for residency on a long term basis, you’ll want this option to keep the interest rates low.  However, keeping the property for just a limited amount of time renders the using of points useless.

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 If you are looking to borrow a loan for that residential property, make sure you are prepared.  Ask yourself some questions such as, “how much is my down payment?” “Should I go for a condo or a single-family home?”  “Am I really purchasing or just renting out space?”  “Will I be taking care of the insurance myself?”  The answers to these questions will greatly affect your loan and mortgage options.

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