There are many things to consider when shopping for a new home including location, school district, square footage, neighborhoods, etc. Before starting the home search, you need to find an expert that can help you on the financial side. A mortgage professional can figure out just how much home you can really afford, uncover mistakes on your credit that need to be corrected, and determine the type of loan best suited for your situation. Although some of this information can be done by filling out forms on a website, an actual person can direct you to the best deal that is offered at that time.
There are several options of mortgage loans available and interest rates change daily. Today’s average rate of 4.01 percent makes homes affordable to first-time homebuyers and buyers looking to upgrade. Searching through and comparing your options will save you over the duration of the loan.
Below is a list of tips for getting the best mortgage according the U.S. News article, “10 Tips for Finding the Best Deal on Your Mortgage.” For all the details, read the entire article at https://homes.yahoo.com/news/10-tips-finding-best-deal-183220129.html.
1. Compare apples to apples.
2. Ask to see the Good Faith Estimate worksheet, not just the GFE.
3. Interview the actual person who will handle your loan.
4. Plan for costs that are not charged by the lender.
5. Make sure the lender offers the program that is best for you.
6. Get your free credit report before you start.
7. Give the loan officer all details about your situation when asking for quotes.
8. Do you want to pay more upfront or get a lower interest rate?
9. Ask about what documents will be required.
10. Know who you’re dealing with when you fill out an online form asking for rates.