It’s no surprise that EVERYTHING is costing more today, and that includes your actual cost of homeownership.
Shopping for the best rate and lowest fees are well worth your efforts!
When preparing to shop for a mortgage, educate yourself on the current rates available.
The averages may not apply to your exact situation, but they’ll give you a good idea of what to expect.
It’s also important to know what fees the lender can control and how your personal finances determine what rates and types of mortgages you qualify for. Do not discount every little edge you may have!
The number one action you can take to ensure you’re getting the best deal on your mortgage is to get quotes from more than one lender.
This helps you weed out lenders that would otherwise overcharge you.
The interest rate is only one part of the equation when you’re negotiating with a lender.
The fees you pay are just as important.
A big hurdle when buying a home or refinancing your existing home loan is the upfront costs, known as closing costs.
As you’re looking for the lender that offers the best combination of rate and closing costs, only compare fees the lender can change.
Ultimately, the only closing costs lenders control are: lender fees, points, and the rate.
A mortgage is a complicated financial tool.
But by focusing on the parts of it that are open to negotiation, you’ll help ensure you aren’t overpaying for your home loan.
Compare loan offers from multiple lenders to see what rate and fees you qualify for, and be sure you’re comparing apples to apples.
Some of the fees included in a quote are estimated and won’t necessarily be fees that are set by the lender.
The best thing you can do is go into whatever it is you’re doing with your eyes wide open and well aware. Do your research and be diligent!
By no stretch of the means am I a mortgage professional, but I can tell you I’ve shopped for my fair share of them throughout the years.
I encourage you to take your time and to never feel pressured into doing or signing something that you’re unsure of.
While I can only offer you so much advice regarding mortgages, I can try to help you build up those down payments or even enough to pay outright.
If you’d like to learn more about how trading and my services can be of help to you … I encourage you to CLICK HERE to learn more!