Whether you are considering a home purchase or a refinance, there are some basic things you can do to ensure you are getting the best deal.  Some of them are obvious, and some not so much.  I wrote this quick guide in an effort to assist you in getting the best interest rate and cost on your new mortgage.

Not all lenders are created equal

Did you know there are significant differences between lenders?  By differences I mean rates and cost.  If you shop around a little you will quickly find that difference can be anywhere from .25% – .75% of a point!  When it comes to a 30 year mortgage that can really add up.  So don’t make the mistake that every lender has the same rates.

Get your financial affairs in order

While not all lenders are created equal, they do have certain guidelines they have to follow.  Things like your credit, income and debts are something all lenders have to take into account.  If you want the best deal on your mortgage you can “get your financial affairs in order”.   This means raise your credit score, lower your debt and position yourself in such a way that makes you more financially attractive.

Talk to your lender

Talking to your lender is the single most important thing to remember once your loan is underway.  They will have ideas about how to get the best mortgage, creative ways to solve problems and more.   Small things that may not seem like an issue to you, could make a big difference in underwriting.  That’s why we wrote this article called: what to expect in underwriting.  This article will point out the importance of those small things.

The bottom line

The bottom line if you’re considering a home purchase?  Rates are low so it’s more affordable, and there hasn’t been a better time in the last 10 years to buy a home.  So talk with a qualified loan officer and get some quotes.  Remember, shopping around can be your gateway to a better mortgage loan!

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Justin Scott

NMLS 8758581