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How to save on your Mortgage
A major purchase can be menacing, so how do you know if you’re getting the best rate? Mortgage Quotes Elite recommends starting by comparing lenders in reference to your individual needs and realistic price range.
Compare and negotiate
There are countless and ever-changing options in the mortgage lending market; rates can change daily. Look in your newspaper for a starting point, and then contact a loan officer. Brokers will frequently keep overages in the form of various fees. It is best to get the offer and its breakdown in writing. Negotiate with the lender and be alert to simultaneous lowering and raising of other fees, so it doesn’t seem they are giving a better deal when in reality they are not. Remember, make no reservations when negotiating with multiple loan officers; under the Equal Credit Opportunity Act and the Fair Housing Act, fair lending is your right by Law.
Explain any bad credit
Don’t let your past credit problems dictate your loan choices. If your circumstances that resulted in bad credit were out of your control, explain this event to the broker. Ask how you can still get the best rate, and again, negotiate.
Lock in your rate
Once you have considered your realistic price range, compared loans, and negotiated with brokers, choose the loan that is right for you. With fees and costs, the lowest interest rate isn’t always the best deal. Once satisfied, lock in your rate as it could change quickly in an unstable market.
Good to Know
Property Valuation – The Sales Comparison Approach
Market-Based Approaches to Value When entering the real estate market, many first-time homebuyers assume that a property will sell for somewhere close to the listing price after some back and forth negotiating and a reasonable time on the market. Since most cannot buy a...
Are Rent-to-Own Homes a Good Idea?
A rent-to-own situation is an agreement that exists between a landlord and a renter (lessor/lessee) to enter into a contract for the purchase of a home at a future date that stipulates the right or obligation to buy. If a renter decides to move forward with this route, how does...
Real Estate as An Investment Vehicle
Building Equity By in large, real estate is an appreciating asset, meaning home values will go up over time, especially if the homeowner treats the property with respect and keeps it well in line with market trends and values. As the months and years go by, the home is gaining...
Tax Advantages of Home Ownership
Although renting property means that someone else has to worry about deferred maintenance and general upkeep, that money is essentially gone without further benefitting the renter. One of the main benefits to buying a home is the fact that tax deductions are now available to...
Mortgage Brokers vs. Mortgage Lenders – What’s the Difference?
Using a Mortgage Lender A mortgage lender – or direct lender – is a financial institution that can offer a mortgage. Key examples include banks, savings and loan institutions, and credit unions. Since these institutions are independent of one another, a buyer will have to have...
Loan Pricing – Setting Interest Rates
How Is Loan Pricing Set? Some homebuyers are less risky than others and have built relationships with lenders over time. Although these are more trustworthy borrowers, lenders must still account for the possibility of default. However, these typically receive loans with better...
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