Dear Prism experts,
How do I get a better interest rate for loans and mortgages?
Answer:
Good question! A lower interest rate means more money in your pocket, so spending some time and effort to get the best interest rate possible will pay dividends. The bigger the loan, the bigger the potential savings! So, how do you do it?
1. Maintain an excellent credit history. You never know when you are going to need it. Just because you are not looking to buy a house right now doesn't mean that you won't be trying to buy one in five years. Do what you can to keep your credit report squeaky clean and credit scores high. Building a good credit standing takes time, so it pays to start early.
2. Do your research and shop around. Don't just go with the first offer that you get in the mail because it looks good. Do your research. Shop around. Remember, as long as you do all your credit inquires within about a month, they'll count as one credit inquiry for credit reporting purposes.
3. Be ready and willing to negotiate. Once you have multiple offers, don't be afraid to play them against each other to get an even better deal. Even a tenth of a percentage point can add up to hefty sum over a period of time.
Basically,
Always maintain an excellent credit history. Shop around and be ready to negotiate.
