Finding The Best Remortgage Rates

So, you’ve decided that you want to refinance, and you’re wondering how you can find the best mortgage deals and remortgage rates.  Obviously the best rates are the lowest rates – but does that mean you actually have the best loan in regards to terms from a remortgage company?  Not necessarily.  The best remortgage rate can always be found by having excellent credit when you are looking online for a remortgage quote.  That’s the simple answer when searching for loans through remortgage companies directly or loan brokers.  The complex part of this answer is how you find the best credit fix solutions that you can and get excellent credit,.

Getting Excellent Credit

First, pay your bills on time to achieve that excellent credit score that we all want.  The more you pay your bills on time, the better your credit score will be.  If you keep paying you bills on time but fail to do everything else, your credit will still be excellent.  This is by far the most important thing.

Keep Your Revolving Balances Below 7 Percent

You must pay attention to your revolving balances.  They should never be over 7 percent of their credit limit.  This is very important.    Why 7 percent?  Truthfully, there is much debate over this number.  Some say 30 percent is the magic number, but the secret is: there is no magic number.  Why did we pick 7?  Because, when one pulls his or her credit report, it says “FICO high achievers keep their balances below 7 percent.”  The ones who write the credit scores say that this is the right number, so we use this number.

Keep Your Non-Mortgage Non-Revolving Balances Below $1,000

All balances you have that are non-mortgage or non-revolving credit should be kept below $1,000 in aggregate.  This number is what is recommended on the FICO reports as well.

Keep A Variety of Credit Lines Open

Don’t have three credit cards.  Have instead a credit card, an installment auto loan, and a mortgage. When it comes to your credit score, variety counts.

Patience

Keep following the above rules for a few years, and your credit score will be excellent.

Now that your score is excellent, you have to decide on what kind of remortgage you should get.  Contacting an expert remortgage specialist like a remortgage broker can really assist you in this process of finding a home loan remortgage or other type of remortgage.

Should you get a fixed rate remortgage?  How do you compare remortgage rates?  Where do you get your remortgage from, and at what rate?  Do you work for yourself and need a self employed remortgage?  Are you considering a buy to let remortgage?

Fixed rate remortgages are much better for the average person than balloon or adjustable-rate mortgages.  You don’t want your rate changing later on, which will cause your payment to be much higher than you probably anticipated.

If you don’t speak the language of mortgages, finding the best fixed rate remortgage loans may be over your head.  It is best to look over remortgage options with a financial planner.  He or she will help you pick out the option that is right for you.  If you’re in more dire need of creative ways to help save your home because you’ve fallen on hard economic times, check out our post on how to stop foreclosure now.

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