How to Find the Best Mortgage
Just throwing yourself into the real estate market, you have no idea what’s considered a good mortgage offer and what’s considered a bad mortgage offer.
For any other product, yоu саn easily search different рrісеѕ and look up buyer rеvіеwѕ. Unfortunately, with mortgages, every person is different; individuals with higher credit scores will qualify for lower rates while individuals with lower credit scores will qualify for higher rates.
What fits best with your lifestyle and budget will also vary from person to person. For instance, would you rather pay it all off at once, or take your time paying back your loan?
Because everyone is different, the best way to see what’s a good mortgage for you is through good, old-fashioned competition. While you can go in person from lender to lender, fill out each of their applications, and wait to see what you qualify for, an easier way to find a good mortgage is simply to shop for one online.
Understanding Online Mortgage Rate Quotes
Interest rates are determined by mortgage product, loan-to-value, amortization period, credit score and more. However, the goal of the game should not be to find the lowest rate possible. Many of the lowest rate products advertised won’t work for everyone, nor will everyone qualify. Sometimes, to get a lower rate, you may have to face sales clauses, higher penalties, and unfavorable prepayment terms. In fact, shopping for a mortgage solely based on mortgage rates could actually cost you more in the long run. It’s like buying a car based on the lowest price, except the car doesn’t offer the features you want, it only has 2 seats, and it needs gas every 20 seconds. In short, to get the best mortgage, it may be worth taking a slightly higher interest rate in order to get better, more flexible terms.
Get the Most Accurate Quote
Getting an accurate quote that truly аррlіеѕ tо уоu requires filling out аn аррlісаtіоn. In order to recommend the best mortgage product and interest rates, mortgage agents will need the following information from you:
- Your income
- Your credit score and history
- The amount of the loan you’re seeking
- The value of the home and property being financed
Get Additional Help
If you’re looking to obtain a pre-approval before you start looking at houses, you may not know the amount of the loan or value of the property you want to buy. If that’s the case, our agents can help determine how much you qualify for before giving you a quote on a specific mortgage product.
For any help at all with the mortgaging process, our support team is always on standby to answer your questions and give you advice.