Tips to get the best mortgage rates on your house!

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When you are about to mortgage your house for debt consolidation or any other reason you must be very careful with the numbers the financial company presents to you. The monthly payments you have to make might be low and seem comfortable but you must make sure that you will not be paying more than if you kept the loans you already have. Smaller payments than those your are making now do not necessarily mean that you are paying less, it may only mean that you will be paying for a longer time.

In order to be able to negotiate a lower mortgage rate with your bank or financial institution it is a must, that you have a good credit history with them or a good credit record in general. Even if you have a good history with them be sure that they will check your credit history. If your history is not good, but you have paid all your debts, even if you have been late you may be able to negotiate something.

The first thing to do when you are asking for a mortgage on your house is to ask several companies for quotes, even if you are planning to use your bank, this will put a bit a pressure on them and will give you some negotiation grounds. Try to get monthly payments that are within your budget but are not too small that you will be paying the mortgage forever. Show them you need the money but you are not going to sacrifice everything for it.

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