The best mortgage around is one that gets you into a situation that suits you in the best possible manner for the particular situation you are currently in. Make sure your loan officer knows exactly what you want and how quickly you want it.
Even if you were only able to get a mortgage you feel was not the best keep in mind that your mortgage situation can always be improved after you get into your home. If you have low credit scores they should rise greatly with timely mortgage payments. You will then be able to refinance for a better rate.
Your loan officer should discuss your options with you, so that you can give your opinion on what loan you think is right for you. Remember, it's your decision. If you disagree with the loan officer on what loan is right for you, then you still have the right to the loan program that you desire.
Many rates advertised in print, such as the daily newspaper, assume you have perfect credit and at least a 20% down payment. Anything less then the " perfect borrower " may result in a higher interest rate.
In order to have the best chance to qualify for the best mortgage you possibly can with the best interest rate available, you need to demonstrate many things. A great credit score, a down payment (the higher the down payment the better), liquid assets, good payment history on your mortgage or rent, established credit, a stable employment history, and a low debt to income ratio are just a few of the items that you need to display through your loan and credit application for a mortgage loan.
Most people believe a 30 year fixed rate mortgage is the best mortgage option. This may be true for some, but not for people who plan to live in their home for 3-5 years. A 5 year adjustable rate mortgage (ARM) is a better choice for them because of the lower interest rate. Since each persons goal is different and there are many mortgage programs available, you should contact a mortgage professional to analyze and assist you with your goals.
