Ways To Get the Lowest Interest

If you ask few bankers how to get the best interest rate possible, you don’t have to wonder any more. Here are several tips by ex-bankers on how to get the lowest interest rates.

> Make yourself an ideal client – Banks and credit union are in the business of lending money, but they want to get something out of the big risk they are taking. Here’s what you can do:

– You must have a stable job that freely sustain the funds you are borrowing.

– Look like a stable person. Stay with each of your employers for at least two years.

– You have business potential from your bank’s perspective.

– Be open to a long term relationship with your bank if they are good to you.

– Make sure you pay your bills and maintain good credit.

 

> Polish your credit report – Make your credit a satisfactory to the banks/credit unions.

– Obtain a copy of your credit report.

– Check your credit report for error.

– Fix derogatory information.

– Pay your bills on time.

– Don’t apply for credits too often.

 

> Give your banker reason to give you his best rate – Banks/union credits are out to make money too, so  need to give him some good reasons to give you a good. Here is a list of the kinds of reasons that will help you with bankers:

– You are looking at moving your banking with them.

– You have a real good credit.

– You are part of an important connection to that branch.

– You have banked there for many years.

 

If your banker doesn’t know your history with his bank/credit union, let him know what a good client you have been over the years and how you appreciate the fact that they have been good to you (make sure that you only speak the truth. Your bank can quickly verify your story).

> If you find an awesome banker, stay with them. – Good bankers can be worth their weight in gold (well almost). If you happen to get a fantastic banker, try to stay with them for as long as you can. A good banker will take good care of you and make sure that you always get the best deal, or they can give the best deal if you chose to take them up on their offer.

> Shop around for the best interest rate. – Check out different banks and credit unions to see what interest rates they offer. Tell them you are applying for a loan or mortgage and ask to speak with a loans officer, and you are looking for the best rate and ask them what their best rate is. When you go rate shopping, don’t fill out credit applications, it will waste your time and the loan officer’s time if you are not qualified or decided in availing the offer.

Author: Michael Welter

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