{"id":234885,"date":"2017-04-19T14:06:15","date_gmt":"2017-04-19T21:06:15","guid":{"rendered":"http:\/\/getrichslowly.org\/blog\/?p=234885"},"modified":"2018-11-30T22:38:55","modified_gmt":"2018-12-01T06:38:55","slug":"5-ways-lower-mortgage-payment-according-realtor","status":"publish","type":"post","link":"https:\/\/www.getrichslowly.org\/5-ways-lower-mortgage-payment-according-realtor\/","title":{"rendered":"5 Ways to a Lower Mortgage Payment, According to a Realtor"},"content":{"rendered":"
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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.<\/p>\n
Since mortgage loans are the way most people buy homes today, it’s important to know how to get the lowest mortgage payment possible.<\/p>\n
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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
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. <\/p>\n
A successful real estate agent tells the story of how he worked with a couple to help them buy their first home and they went to their local bank to secure a mortgage. The couple had a checking account at the bank and had occasionally received notices about the bank’s mortgage department. After visiting with the mortgage banker, and supplying her with certain documents, the couple received a mortgage pre-approval from the bank.<\/p>\n
However, after forwarding the pre-approval to their real estate agent, the agent commented that the rate and closing costs seemed a bit high. He suggested the couple visit a local mortgage broker for a second quote.<\/p>\n
The agent further explained that mortgage brokers are not the same as mortgage bankers as they must be licensed and often have access to a greater variety of mortgage products than those offered at a bank.<\/p>\n
After visiting with the new mortgage broker, and supplying the same information, the couple received\u00a0a lower interest rate — and with fewer closing costs — than the large national bank offered.<\/p>\n
Most home buyers have probably heard from friends and family members that the 30-year fixed-rate loan is the only way to go. While it is nice to know that you will have the same predictable monthly payment for the duration of the loan, it is not the sole viable option for prospective borrowers.<\/p>\n