Are you buying a home soon? If you are, then you probably want to get the most for your money at the lowest cost, including your monthly mortgage.
Since mortgage loans are the way most people buy homes today, it’s important to know how to get the lowest mortgage payment possible.
5 Ways to a Lower Mortgage Payment, According to a Realtor
What many home buyers may not understand is that until a mortgage is finalized and closed, most home buyers have some control over what their monthly mortgage payment will be.
Shop Around for a Mortgage
Lenders tend to look at a lot of similar factors when they consider a home loan application. They examine your income, assets, debt, employment history and credit record to decide what kind of candidate you are for a mortgage loan.
However, you would be mistaken to assume that every lender will offer you the same loan terms. Many would-be home buyers seem to make this erroneous assumption, 77 percent of borrowers only apply to one lender.
If you want to know what is the best loan you can get, invest the time and a little money into researching and applying to a few different lenders. You may save thousands by getting a loan with a lower interest rate, or other more favorable terms. [Read more…]