Friday, 23 May 2014 05:38

Get the Best Mortgage Rate You Can Afford

From the wealthy to the unemployed, everyone is entitled to a good mortgage. Finding a good mortgage is like a needle in a haystack. Some mortgages benefit the lender more than you do. Others look good on paper but the fees and/or mortgage rates can be better. This is the best way to get the best mortgage rate for any financial situation.

  1. Research: It's easy to choose a lender. It's hard to choose the right one. Take your time researching each bank and lender and get an offer. Consider testimonials from realtors, family and friends. Go to different types of facilities in many sizes (a bank, a lender, a credit union, etc). Ask specific questions and leave nothing to chance. Make sure you understand what is said to you, and ask questions if you are confused. Ask the same questions for each lender so there's something to compare the initial offer to.
  2. Fees: It's not enough to get a handle on mortgage rates. Fees make or break a good loan even if the mortgage rate is low. Learn all you can about each lender's fees. Get a list of fees associated with the mortgage.
  3. Discount points: Points paid at closing have a better chance of lowering your interest rate. Points pay interest up front in exchange for those low rates. Points are only beneficial for long-term homeowners with fixed rate mortgages, but it can work for anyone in terms of savings.
  4. Return to Sender: Don't assume the current offer is going to stay the same until you're ready to sign. It won't. Call again. Call only the companies you are interested in working with. The offer may have lowered or rise since the last call. You might have to call on the same day.
  5. Negotiate: You can negotiate for a good offer. If you prefer a lender but there are certain fees or rates you want lowered or eliminated, talk to the lender about it.

Down payments and refinancing have a hand in whether mortgage rates are low or high. Higher down payments for most lenders and banks mean a lower interest rate. Refinancing causes mortgage rates to increase. A springfield il remax agency can assist you with down payments and refinancing.

Generate a contract on the same day the offer is on the table. Lock in those mortgage rates and fees for as long as you can. Some are a limited time; other offers last until the mortgage are paid off. A good mortgage isn't coming your way naturally. You must fight for it. Contact us for more information.

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