Homebuyers will endlessly search for the right home, but what about the right interest rate? Over 50% of buyers don’t do their homework when it comes to finding the best interest rate for their new mortgage. They will accept the rates and terms from the very first lender.
There are many factors that affect the interest rates and terms provided by a lender. The borrower, the property, credit score, home location, price and loan amount, down payment, loan terms, interest rate and loan type are all interpreted differently by each lender.
Researching several lenders to compare rates and terms for your mortgage could result in a lower payment and less cumulative interest paid over the life of the loan. You would be surprised to see the difference 0.5% can make on your mortgage loan.
If you’re worried about your credit score being affected by having multiple lenders check your credit, don’t be concerned. Credit bureaus will understand when several similar requests appear during a specific period of time.
Contact www.gayleharveyrealestate.com for a list of trusted mortgage professionals to consider.