Financial literacy isn’t just about knowledge, it’s a way of better preparing you for negotiating to get the best deal on your mortgage. Here are some tips for getting the most out of your mortgage search:
Check your credit before you start shopping. Did you know that debt from things like car loans and credit cards can increase the price of your mortgage? Consider paying down your high interest debt before applying for a mortgage for the best chance at a better deal.
Make sure you apply to multiple lenders for Loan Estimates so you can compare costs and make an educated decision. Remember, lenders are out to make a profit and with fewer options you’ll probably end up paying more than you need to.
Reduce the recurring costs of private mortgage insurance with a 20% down payment. Down payments less than 20% of the purchase price require mortgage insurance which will increase your monthly expenses.
Obtain a free Mortgage Shopping Worksheet as a way to conveniently compare mortgage terms. I’ll be there to help you fill out the paperwork.
Visit the website of the Consumer Financial Protection Bureau (CFPB)(http://www.consumerfinance.gov) and know your rights!
With these tips in hand, you’re on your way to becoming a financially literate homebuyer and leveling the playing field between you and the lenders.
At Exit Realty of the South, we are committed to providing you with up-to-date information, comprehensive resources and the highest possible level of customer service in order to meet or exceed your real estate goals and objectives. Guided by honesty and integrity as a professional standard throughout the company, we are devoted to your total satisfaction as the benchmark of our success. The recipe for our success is an extensive support team that is second-to-none and passionate real estate professionals who invest numerous hours of continuing education to remain on top of their field.
Above and beyond having the desire, knowledge and ability to manage a real estate transaction, we employ innovative tools and systems that allow us to be most effective and efficient in serving you. From our computers to web-based real estate software and many other innovative techniques, we are driven to stay at the leading edge of technology to better serve you.
Our mission is to provide the highest quality Realtor services. At Exit Realty of the South we strive to provide the most knowledgeable and savvy real estate agents in the market. Whether you are buying or selling, an Exit Realty of the South sales representative has the skills to serve you above the rest.