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If you have the option of getting a good credit mortgage, you will be able to save some significant money on interest over the life of your loan. Here are a a few things to consider about assessing your loan options when you have good credit.
Multiple Lenders
Those that have poor credit typically have a hard time finding someone that will give them a loan. However, when you have good credit, you are going to have multiple lenders that want to work with you. Because of this, you should definitely shop around to make sure that you get the best deal that you can find in the market place.
Fixed Rate vs ARM
You will most likely have the option of choosing between a fixed rate loan or adjustable-rate mortgage. Getting an adjustable-rate mortgage is going to give you the lowest initial interest rate. However, the interest rate could increase significantly over the life of the loan, which will also increase your monthly mortgage payment. In most cases, it is going to be to your advantage to take a fixed rate loan, if you plan on being in the property for the long-term.
