Money Monday: Top 10 tips for mortgage borrowers in 2016

Interest rates on mortgages hovered around 4% throughout 2015 but are expected to reach 4.5% by the end of 2016, according to the National Association of Realtors.

Bunch of kets in front of pile of cents

If you’re planning on capitalizing on these still-low interest rates by becoming a homeowner this year, consider these tips:

1. Improve your credit

2. Save up for a down payment

3. Get a mortgage preapproval

4. Look around for a lender

5. Consider loan types

6. Pick the home and location based on your lifestyle

7. Budget for all the other homeowner expenses

8. Ask for help from a professional (Call me if you don’t have a Realtor!)

9. Remember to have enough for closing costs

10. Save!

Read the full article and all of its advice on the Yahoo! finance site: finance.yahoo.com/news/top-10-tips-mortgage-borrowers-100000055

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