3 Steps to Getting A Better Mortgage

May 3, 2012 by GoWP Support

Looking to buy a home for sale in the Richmond Hill, Pooler, and Savannah, Georgia areas? While current mortgage rates are at all-time lows at the moment, you, like many potential home buyers, may think that qualifying for financing with these low rates is out of your reach. Money Magazine recently listed several ways they say will give you a better mortgage and we at Weichert, REALTORS®-The Sumner Group have highlighted three:

  • Keep Your Credit Score High! The higher your credit score the lower mortgage rate you can qualify for. The best rates, according to credit score expert John Ulzheimer, go to those consumers with a 760 or higher score. To make sure your rates stay high, don’t apply for new credit cards (or other loans) for at least 3 months before applying for your mortgage loan.
  • Go Quote Shopping. Get at least 6 different quotes to help you find the best deal around. Mortgage rates can vary as much as a quarter of a percent. Look at both national lenders as well as the rates your local bank or credit union are offering. Ask for an estimate on any fees/closing costs, these can be as much as %2 of the loan balance.
  • Match Lock-in to Loan. Be sure to inquire about the lock-in terms of your loan. The lock-in period is how long the lender agrees not to raise the interest rate. To make sure your rate doesn’t go up while under contract, ask your agent or lender how long loans similar to yours take to close.

As always, our trusted team of professional realtors at Weichert are available to help you with all of your Savannah, Pooler, and Richmond Hill, Georgia real estate needs.