Friday, February 17, 2017 - Article by: Leah TenBieg - Prospect Financial Group, Inc. -
Purchasing a home requires lots of your time and energy. While it's easy to go with the first rate you come across, it's smart to view multiple offers. This way, you are able to find the lowest rate possible. This is a time-consuming process but it's well worth the effort to explore your options.
Trust who you get your rate from
The lowest rate might not be the best rate for you and your current situation. If a company is offering a much lower rate than anyone else, make sure this is not a too good to be true scenario. Calculate all additional fees that comes along with your mortgage. Another important tip to keep in the back of your mind when rate shopping is to avoid any business where loan officers do not call you back. It's critical to stay in contact with your loan officer through every step of your mortgage. Companies that give you the bottom line numbers and follow up with you on a regular basis are the ones who will likely help you have a smooth and easy loan process. Make sure to read as many reviews as you can on social media sites. A business with a 2.5 star rating could potentially cost you more money than you are wanting to spend.
Compare rates as much as you can
Mortgage rates are constantly shifting in an ever-changing industry. With this in mind, it's no surprise that lenders have different rates. Taking the extra time to rate shop will allow you to be able to chose which rate is best for you. Loan officers would be more than happy to go over some numbers with you to try to earn your business. While this may cost you more time, it will save you more money.
Rate shopping is something that every potential home buyer should be aware of when beginning their loan process. Becoming a home owner is such a big decision to make, so be sure to make it worthwhile, and save as much money as you can.
Didn't find the answer you wanted? Ask one of your own.