Even a small savings on your mortgage can save you thousands of dollars over the life of the loan. Here are some important tips that will make a big difference.
Never Use Your Main Bank
Many buyers call their main bank for a mortgage thinking they have a relationship and will be treated well by someone who values their business. While this may be true and is one source to check, we find that in many cases, the bank that knows you is not willing to stretch their rates or terms to get your business – they already have your business.
Local Decision Banks
There are local banks where credit decisions are made in the local office by actual humans and then there are huge banks (the ones you probably hears ads from all the time) where a mysterious committee in a place far away make the decisions. My experience has been that local banks are much easier to deal with and that the person you are talking to actually has some power over decisions.
Banks That Actually Close
I have done lots of closing and there are certain banks that seem to habitually miss the deadline or need extra last minute paperwork. Ask an experienced Realtor which banks they have worked with that actually got the job done with as little hassle as possible.
Shop The Loan Like You Shopped The Home
Many people shop for the home carefully…they compare prices, negotiate like tiger and then just take the terms offered by a mortgage company. You can shop for better terms and it saves thousands. Always get more than one opinion and offer.
Ask About Grants & Special Programs
There are usually grants available and they are NOT just for first time buyers. There are also many zecial programs with reduced interest, down payment assistance and second chance programs for bruised credit. Be sure to deal with Realtor who stays on top of the finance end of things and not just homes.
FHA Just Got Better
FHA mortgages just were revised to require a lower down payment. Sometimes with a grant or creits at closing, you can buy a home with little or no downpayment. In addition, mortgage insurance (for people with less than 20% down) is now cheaper as well. Combine this with historic low interest and now is definitely the time to buy a home.
If you are a veteran, be sure to ask about veteran benefits. There are special programs available and you deserve them for your service.
I have helped hundreds of couples enjoy the home they didn’t think they could afford. Call the Realtor that stays on top of financing to save you thousands. Call or text Tony Delisi “The Results Guy” at RE/MAX Unlimited Northwest 847-471-7177.