Are You Getting the Best Mortgage Deal?
Category Advice
So you've found your perfect property match. Great! That's half the battle. The next step is to get the right mortgage deal. You'll be repaying your loan for a good few years, so don't rush into accepting a deal without doing your research.
Here are some of the steps you need to take before settling on a deal:
Contact several lenders
Reach out to different types of lenders, including banks, thrift institutions, credit unions and mortgage businesses. You can't be confident that you've chosen the right deal if you haven't compared your options.
Gather information
You need to dig deeper than just monthly payments and interest rates. Make sure to ask your lender about rates and how they could vary and adjust with time, what the rand to points amount is, what additional fees are included, and what the down-payment requirements are.
Negotiate between lenders
When you have gathered a list of information and terms from different mortgage lenders, ask them for a reduction on fees and rates that will give you the best deal. If you are worried that the rates will change during the loan process, you can protect yourself by asking for a written lock-in agreement.
Get a bond originator
If the process of choosing the right mortgage deal is overwhelming you, we have bond originators who can take the responsibility off your hands. The job of a bond originator is to find you a mortgage deal at the best possible rate. Because they are experienced in the field, the originators know what banks are looking for and know what information to supply them with.
Get in touch so we can walk you through a smooth process of finding the perfect mortgage deal match.
Author: SAproperty.com
