Mortgage Broker Tips
Securing a great interest rate on your loan can save you thousands of dollars over the life of your loan, so it’s not a bad idea to shop around to ensure that you get the very best rate. Here are three tips from the experts at EveryHome:
1. Consider using a mortgage broker as opposed to your bank. Mortgage brokers can compare the rate of every major bank and lock you in for the best deal.
2. Keep an eye on your credit score and consider using a credit repair company, if necessary. Your specific financial picture can greatly affect the mortgage rate for which you qualify. A great credit score, a higher down payment, and greater financial stability can all help you secure the best rate.
3. Buying “points” might be worth it. In order to qualify for the lowest advertised rate, your mortgage broker may require you to purchase points. These points decrease your interest rate throughout the life of the loan, but they cost you a bit of extra money at the settlement table. Your lender will assist you with determining whether or not points are worth it for your specific loan.
If you’re looking for a qualified, friendly, and local mortgage broker, give us a call! We’d love to introduce you to a few of our reputable network mortgage companies. You can reach us anytime at 215.699.5555 or at theoffice@everyhome.com