People have different goals and principles when it comes to investments. But here are vital tips that every investor needs to know to ensure success.
Buying a new home is a serious matter. It can be an absolute pleasure or a massive headache. You need an experienced and dedicated professional who will be with you every step of the way. Your home is not just a home, it is a major investment in your future. We’re glad you’re visiting our site. Every word you read here, is not just some real estate rhetoric, but a genuine commitment to you … our client.
GETTING THE BEST RATES
Naturally, you want to get the best deal for the least amount of money. This holds true for mortgage rates as well.
A lower interest rate means a lower monthly mortgage payment, which can save you money in the long run. Also, it is easier to qualify for a lower payment than a higher one.
You basically have two routes to finding the best rate. The first is to do all the research on your own. The second is to use a mortgage broker.
With the advent of the Internet, much of this information is readily available online. Once you have educated yourself sufficiently about real estate loans, all it takes is the time and energy to sift through online resources to find the information you need.
Rates change quickly. That great rate you find today might not be there tomorrow. Once you find the rate you are looking for, submit a loan application and lock in that rate.
Some sources for interest rates on the Internet include:
- Bank Rate Monitor (http://www.bankrate.com)
- E-Loan (http://www.eloan.com)
When comparing loans, make sure that you’re comparing loans of the same type. For example, you find that “Loan A” for a 30-year loan has a much lower interest rate than “Loan B” (also for 30 years). Upon further inspection, you find that “Loan A” is technically an adjustable rate mortgage. Its payment is based on a 30-year amortization, but becomes due through either payment or refinancing at the end of 5 or 7 years. These are frequently referred to as a 5-year or 7-year fixed-rate mortgage. While both said “30-year”, they are not the same type of loan.
Ask the lender for a statement detailing all fees associated with the loan. Factors such as “points” (loan fee), interest rate and “garbage fees” (extra fees which some lenders charge) can vary greatly from one lender to another.
If you do not have the time, patience or experience to “do it yourself,” go directly to a qualified mortgage broker that can assist in finding the right mortgage for you.
We work with a team of excellent mortgage brokers in the area that can walk you through the entire process and make this part of the equation simple and hassle free.
With your experience and results in mind, we highly suggest you speak with us regarding your mortgage needs.