5 Mortgage Secrets You Need To Know
Posted by Krista Farr on Friday, April 14, 2023 at 2:04:25 PM By Krista Farr / April 14, 2023 Comment
We talk to buyers all the time who've locked in a mortgage with a bank, only to find out later they could have gotten a better deal if they knew what questions to ask and where to look.
It's like navigating a maze, but with a few key tips, you can come out on top with the perfect loan, rate, and terms for you.
Here are five things you need to know:
- Shop around for a loan to find the best interest rate and terms for your financial situation. It's like finding the perfect pair of shoes, but way more important!
- Your credit score isn't the only factor that affects your interest rate. Your income, employment history, and down payment also play a role. It's like putting together a puzzle, and all the pieces matter!
- Pre-approval isn't a guarantee. The rate quoted during the pre-approval process might not be the final offer. It's like getting a sneak peek at a movie trailer, but the real deal might be different!
- Don't forget about alternative lenders like credit unions or mortgage brokers. They can offer competitive rates and flexible terms too.
- Watch out for the true cost of your loan. Adjustable-rate mortgages or interest-only loans might seem attractive at first, but they can end up costing you more over time. Make sure you understand your loan inside out before signing on the dotted line. It's like reading the fine print on a contract, but way more crucial!
Buyers, we've got your back! Don't settle for a loan that's not right for you.
Keep asking questions, keep pushing for what you deserve, and feel free to DM us if you need help finding a local lender or have questions about buying.
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