Buying a home is one of the largest financial decisions you will make. With the cost of housing continuing to rise, it is more important than ever to make sure you are getting an affordable mortgage. Let’s go over some recommendations that can help you secure competitive rates.
5 Recommendations To Get The Most Affordable Mortgage
- Work with a mortgage broker rather than a lender. Mortgage lenders directly originate loans. Mortgage brokers are companies that connect you with lenders. It is to your benefit to work with a mortgage broker when possible. A mortgage broker in FL with a large network of lenders has the ability to shop for the most competitive rates for you, saving you time and money.
- Time your purchase well. It can be very difficult to time a home purchase to take advantage of low interest rates. But if you can do it, you will save a lot of money over the long run on your home loan.
- Pick the right type of mortgage. Different types of mortgages are tailored to homebuyers with different situations. One trick to making it affordable to buy a home is to choose a mortgage that is a fit for your needs and qualifications. For example, if you are a veteran who qualifies for a VA loan, that type of mortgage can help you save a lot of money compared to other types. VA mortgages feature affordable rates, relaxed credit qualifications, and no PMI even with zero down payment.
- Make a larger down payment. Do you have the ability to put down 20% on a home? If so, you should strongly consider it. A larger down payment can help you save in a couple of ways:
- No PMI
- More affordable interest rates
There are pros and cons with large down payments, so make sure to consider your entire financial situation before you decide what to do.
- Choose a company that offers price matching. At PLC, we encourage our customers to shop around for the best interest rates. As a Florida mortgage broker, we can do that for you, in fact. If you already have a rate quote you are considering, let us know, and we will shop our network to see if we can bring you a lower rate. This service is free of charge.
Buy a Home or Refinance in FL
Now you have some tips that can help you to buy a home with a competitive mortgage. PLC can help you purchase a home in Cooper City or anywhere in Florida. To get started now, please give us a call at 954-840-8811. We look forward to helping you move affordably into your new home.