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If you are in the market to get a mortgage, you may be interested how you can go about getting a low interest rate for that mortgage. Interest rates can make or break whether you will be able to afford a home, so make sure to do your research and find out all the different ways to land a low one. This article will help to give you a few ideas. Mortgage rates are currently at an all time low, but this doesn’t mean you will qualify for one of these low rates. There are many factors that can affect your mortgage interest rate. One thing you will need to know ahead of time before you begin to see if you qualify for a low mortgage interest rate is your credit score. You can find out your credit score easily by checking online with companies like MyFico, Equifax, and Privacy Matters. These companies are there to help you discover your credit score with little to no hassle. Once you find out your credit score and it is too low for you to receive a great low interest rate on your mortgage, there are several other things you can do to make sure you can get a low rate. One of the things you can do to insure you get a low interest rate on your mortgage is to be sure to pay your bills on time. You will also need to make sure that you pay down your credit card bills and do not take out any new credit cards. Many credit companies will still send you credit card applications even if they already know your credit is low. You will need to have a couple credit cards however to make sure that you have credit, but no more than two or three should be the maximum. Also be sure to close down any credit accounts that you are not currently using as this can lower your credit score as well. Once you have improved your credit the best thing to do to insure a low mortgage interest rate is to get quotes from as many different lenders as you can. Every lender is not the same and you may find the lowest interest rate possible if you are just willing to shop around a bit. If you don’t have a lot of time to compare different mortgage interest rates from different lenders then you may want to use an online service that can do this for you such as LendingTree. This company can take a lot of work off of your hands and help you to compare all the rates available in a small amount of time. When you need to get a new home mortgage in Chesapeake, the best resource is the Consumer Management and Investment Corp.
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