Tips to Get the Right Mortgage Rate For Your Next House

Mortgage Tips

The mortgage process is one of the most difficult and confusing aspects of home buying. While there are plenty of tips out there on how to get the best mortgage rate, there are some more secret tips that can help the process go even smoother. Keep these mortgage tips in mind to help ensure that you are able to move into your next house at the right price.

  • Comparison shop – you should get quotes from at least three different mortgage lenders, and let the lenders know what you are doing. If a lender knows that you are considering a different company, they will be much more likely to give you a better rate.
  • Work with a mortgage broker– comparison shopping can be much easier said than done. Working with a mortgage broker will ensure that all the proper paperwork gets filed on time. Brokers deal with lenders on a daily basis, so they will be better able to negotiate a good deal.
  • Be patient – while you may want to buy a house right now, be patient and take the time to save up a big enough down payment. If you save up enough to put down at least 20 percent of the purchase price of the house, then you can avoid paying for private mortgage insurance, which will help to save you thousands of dollars in the long run.
  • Work on your DTI – your debt to income ratio is one of the major aspects that your lender will consider when deciding on your mortgage rate. The lower your DTI is, the better rate you will be able to qualify for.

For all of your real estate needs when looking for your next house, contact Cary Amo, your Lafayette agent.

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