Every mortgage shopper in the country is seeking the lowest mortgage rate possible, but be careful: sometimes the lowest rate may not get you the best mortgage.
For example, many folks automatically look to the banks we’ve known our whole lives for their lowest rates. While banks may post low mortgage rates for banks, they often aren’t the lowest rates in the market, and unless you work with someone like a mortgage broker, you probably wouldn’t know that.
You are not alone in your search. Mortgage brokers live to hunt down the best mortgage rates and terms for their clients (good one’s do, at least) Here’s how a brokers mind works: in almost all cases, it costs you nothing for our services. Zero. We have many lenders we negotiate with on your behalf, so at the very least, working with a broker will get competing lending institutions battling for the right to provide you with a mortgage. Do you seriously believe that simply approaching one bank can compare when it comes to saving you money?
And the better your credit score, the more leverage you have when it comes to securing the very best rates and terms out there. Plus, the larger the down payment you can afford = even more leverage. But remember, it’s not just about rate. Mortgage terms really do matter. It really serves you great advantage to shave basis points off your mortgage if potential future penalties and fees in the mortgage completely nullify those initial savings. Again, a good mortgage broker will show you where the mines are hidden.
Mortgages are a great opportunity, but only if you do your homework and really understand all aspects of what makes a mortgage right for you. As mortgage brokers, we breathe this stuff daily and we can’t wait to share what we know. Give us a call or check out our confidential online mortgage form. The worst that can happen is you’ll save a bunch of money. Your money.
Looking for a mortgage? Wondering if you qualify? Interested in refinancing? Our secure and completely confidential “no obligation” quick-form can give you answers, fast. Find it here.