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Tag: Mortgage broker

Know Where You Rate When It Comes To Rates.

Getting the lowest rate possible for your situation is important. But finding the best rate on your own, or worse, relying on a single loan provider for rate information, won’t always get you the full story or the best rate.

Before you ask the rate question, it’s important to know what type of loan you need and your credit score. Different loans will offer different rates and credit scores have an impact on rates, too. Instead of asking what the current mortgage rates are, ask for specifics.

For example, “I have a credit score above 700, and I want a $300,000, 30-year, fixed-rate, conventional loan, and I have 20% saved for a down payment. What are your rates today?”

Knowing your credit score and specific loan needs anre only half the battle.

Interest rates fluctuate daily, so you’d need to get an accurate comparison. you’d have to get the mortgage rate quotes all on the same day.

Using a mortgage broker who can do the comparison shopping for you with a variety of lenders saves you time. The mortgage broker will even help you identify which loan or loan options best fit your particular situation. The broker can find apples-to-apples loan products and mortgage rates so you don’t have to do the legwork yourself with multiple lenders.

Five Home-Buying Myth Busters

The truth is, buying a home and getting a mortgage is easier and faster than you might think. Here are five popular myths and the real truth about home buying.

Myth: It will take a lot of time.
Truth: A good mortgage broker can take your application and give you a pre-approval letter in minutes!

Myth: I have to dig up tons of paperwork.
Truth: These days much of the verification process, like collecting pay stubs, bank statements, and tax info can be done automatically by your mortgage broker and lender.

Myth: I need a 20% down payment.
Truth: You can get a mortgage for as little as 1% down and still have a low monthly payment.

Myth: A bank is the best place to get a mortgage.
Truth: Banks don’t offer choices. A local independent mortgage broker can help find the best options and rates.

Myth: I need to be “settled down” first.
Truth: Even with a low down payment, monthly mortgage payments are often lower than rent prices. Plus, when you’re buying a home, you’re paying yourself, not a landlord.