DPR Realty LLC

How to Qualify For Low-Interest Mortgage Rates

by Hope Salas 10/27/2019

Getting a new mortgage can be stressful, whether you are getting it for the first time or not. You have to carry out thorough research to avoid going into a mortgage that drains your pocket through high-interest rates. You can get yourself prepared for the lowest interest rate that is suitable for you by taking good care of your credit history. Do you realize that a difference of 1 percent in the interest rate can save a tremendous amount of money on a mortgage running for 30 years?Consider the following when searching for competitive rates:

Introductory rates:

You should consider loans with discounted initial rates. Be on the lookout for fees and be ready to switch in case the rate goes higher than your budget or plan.

Alternative lenders:

When looking for a low-interest mortgage rate, you should check if a smaller non-banker lender is providing a low-interest mortgage. When you find options, check properly to be sure that there are no additional charges. You must know the final amount before committing.

Variable versus fixed rates:

The difference between a variable and fixed rate is that variable loans usually advertise more flexibility and lower interest rates when compared with the fixed rate. However, the truth is that you can get a fixed-rate mortgage without any possibility of rising rates. Variable rates may tell you the percentage is likely to go down, but it can go up also! 

Negotiating a discount: 

After you have selected a mortgage company, inquire about their unadvertised discounts that can save you money.

Here are some tips to help you qualify for low-interest mortgage rates:

  • Get a loan with low fees. You should know that most mortgages have a separate charge that is different from the repayments and rates. Such fees sometimes are not included in most online loan comparison websites. Contact the company to be sure you have full information about one-time fees like application or origination fee as these may be expensive. Compare with other ongoing fees to be sure it does not cost you more in the long run.
  • Should you avoid fees at all costs? You do not always need to avoid fees. To know the amount that a loan will cost you, you should do the calculations and consider the benefits as well as the charges involved. If you discover that a mortgage loan has features that benefit you, it is justifiable to pay a small ongoing fee.
  • Save up a healthy down payment. It is worth noting that you are likely to borrow less to cover your home's purchase price if you have a substantial down payment. It is better to save enough funds towards your down payment.

Speak to your financial advisor or planner to know how to be pre-approved for the best mortgage rates before you start your house search.

About the Author
Author

Hope Salas

 

Hope Salas

I am a REALTOR®, member of the Arizona Board or REALTORS® and National Association of Realtors®; Experienced in traditional, residential sales, new construction sales, short sales, foreclosures, and capitalizing on first time homebuyers and down payment assistance programs.  Whether you are buying or selling real estate for personal or investment purposes, my objective is to help you close the transaction with ease. I am the real estate professional you can count on to guide you through the transaction process, provide professional advice based on your needs and the current trends; negotiate contract terms and coordinate the details, and maintain open communications with frequent updates.

I believe that there is no greater satisfaction than obtaining a piece of the American Dream of homeownership. I construct my daily routine around my clients and I strive to execute contracts with precision and negotiate the best deal possible. I make customer satisfaction my priority by delivering honesty, professionalism, fairness and integrity always. 

Selling a home is one of the biggest financial transactions most people will make. My job is to attract qualified buyers to your home. As your trusted representative, I will: 

• Protect your investment
• Negotiate the highest possible price in the shortest period of time

Implement a marketing strategy specific to your home/the market

Utilize leading edge internet technology to achieve maximum exposure

Buying a home requires making decisions regarding location, price, financing, and re-marketability. I will save you time and money with making these decisions. Whether you are a first time home buyer, 2nd home buyer, vacation get-a-way seeker, relocating, downsizing,  investing or building your dream home, I will;

Provide reliable information on market trends and property values

Educate you on the processes, ensuring complete comfort and understanding of the course of action .

Negotiate the best possible price

Provide guidance, support and resources throughout the transaction

•  

My goal is to make buyers and sellers my clients for life!

I pledge loyalty, fairness, accountability and determination to all of my clients as we work through your transaction

Hope is just a phone call away!