Get a fair mortgage rate for new home
Having just gone through this exercise with a client, I can truthfully say shop around for a mortgage.
Big Bank Mortgage Loans
Big banks advertise competitive rates and may offer more favorable rates or incentives if you to bank or invest with them. We have our mortgage thru our local bank since they waived some of our fees when we opened an account with them. This can be a great option for some, but maybe not everyone.
Mortgage Broker Benefits
A mortgage broker may have access to programs with lower down payments, lower credit scores or rebate part of the origination fees. Brokers have a way of suggesting lenders to be more competitive to earn your business. Not too long ago I had a client who needed credit repair before they could qualify for a mortgage. After working with a mortgage broker, they were able to purchase a home.
“The average home buyer can save nearly $90 a month—or more than $31,000 over the life of a loan—simply by comparing interest rates offered by different companies, according to a Lending-Tree report.”
– says Clare Trapasso
Online mortgage loan brokers / companies like Rocket Mortgage by Quicken Loans also offer very competitive rates.
Always read the fine print when looking at rate quotes- A higher credit score may be required to get the advertised rate.
Bottom line – You should get on the phone or internet and do your research. Want to learn more about how to become financially ready to buy a home? – keep reading below.
Hoover Area Pro Group Realty