10 Ways to Get the Most Out of Your Home Loan

Improve Your Credit Score A higher credit score can help you qualify for lower interest rates, saving you money over the life of your loan.

Shop Around for Lenders: Don't settle for the first lender you come across. Compare interest rates, fees, and loan terms from multiple lenders to find the best deal.

Consider Different Loan Types Explore various loan options such as fixed-rate mortgages, adjustable-rate mortgages (ARMs).

Make a Larger Down Payment: Providing a bigger down payment can lower your loan amount and potentially decrease your interest rate, reducing the overall cost of your loan.

Avoid Private Mortgage Insurance (PMI) If possible, try to put down at least 20% of the home's purchase price to avoid the additional cost of PMI

Prepay and Refinance Strategically Consider making extra payments towards your principal to reduce the interest paid over time.

Negotiate Closing Costs: Some closing costs are negotiable. Ask the lender to break down the fees and see if any can be reduced or waived.

Understand the Terms and Conditions Read and comprehend all aspects of your loan agreement, including interest rates, prepayment penalties, and any hidden fees.

Maintain a Stable Financial Profile: Lenders prefer borrowers with steady employment and income history.