DIRECT:    


 Welcome to the MikeFreemanProperties.com Blog

2016-01-31 16:42:15
5 Ways to Get a Great Deal on a Mortgage

 

 

Check out these easy, market-savvy tips that may save your sanity and your bank account:

  1. Know your credit report and work hard to keep your score high. Lenders scrutinize credit when deciding your mortgage interest rate. Before you apply, request a free copy of your credit report to ensure its accuracy - I recommend creditkarma.com or annualcreditreport.com. If you see any inconsistencies in your report, work to have them corrected by reaching out to creditors to make corrections. You’ll also want to follow-up with the credit reporting agencies to ensure the matters were resolved.

    Expert tip: Payoff collections and revolving debt balances (credit cards) and keep your debt low. Lenders prefer that you use less than 20 percent of the credit that’s available to you (balance versus available limit) in order to reward you with the most competitive interest rates available.

  2. Take your time when filling out the mortgage application. It’s rather dry and unexciting, yes, but the mortgage application is an important document, so ensuring its accuracy is crucial in expediting your road to approval.

    Expert tip: Honesty is always the best policy. Don’t glib over past credit challenges when asked about them. Be transparent and ready to provide documentation for income, assets, and other items.

  3. Beef up your down payment as much as you can. Putting down more money on your home purchase makes underwriting your loan more attractive to lenders and typically results in a lower interest rate to you.

    Expert tip: Depending on your loan program, monetary gifts from friends and family members are often allowed. There are dollar limits, and the gift usually must be accompanied by a “gift letter,” indicating that it’s not a loan in disguise, but this is truly a gift that keeps on giving.

  4. Ask for lender recommendations. What mortgage lenders have your friends and family members used in the past? Who does your Realtor® recommend? Some of the best loan officers and loan programs are discovered by referral. Make sure you take local lenders into account - there is often great agility at the local level (i.e. expedient closing ability, which often comes in handy).

    Expert tip: Find a loan officer who’s a star communicator. The mortgage process can be tedious and time-consuming, but a professional that keeps you informed through thick and thin is worth his or her weight in gold.

  5. Look beyond the interest rate. Sure, the interest rate is important to consider, however, many other cost factors are involved in a mortgage. Evaluate the overall fees, including points, origination fees and everything you see on the Good Faith Estimate.

    Expert tip: Don’t be afraid to price shop - lenders may be able to trim costs to win your business. If you receive multiple quotes from mortgage lenders, ask these lenders to match or beat one another’s Good Faith Estimate. In this scenario, you’re able to compare “apples to apples” between lenders because the Good Faith Estimate is an industry standard, placing loan costs in a uniform language.

Call or email me anytime if I can help. My direct line is: (512) 694-9769 or Mike@MikeFreemanProperties.com

 
Blog Archive
2019-04-10 15:04:29
Relish the Springtime Weather and Gorgeous Bluebonnets at these Austin-area Patches

2019-03-26 15:31:03
4 Tips for Spring Yard Prep in Central Texas

2019-03-20 08:41:50
Know Before You Go! Mortgage Prep & Home Affordability

2019-03-20 08:01:37
Meet The Ruby Hotel in Downtown Round Rock

2019-02-28 16:22:06
America’s Largest Indoor Waterpark Opening in Round Rock in 2020

2019-02-28 16:17:32
Cedar Park Development Led by Award-Winning Mueller Team

2019-02-25 14:27:58
Kid-friendly Staycations in Austin - just in time for Spring Break!

2019-02-01 05:40:16
Round Rock’s Forest Creek Golf Course named No. 8 most improved by Golf Advisor

2019-02-01 05:16:55
City Council Approves First Step to a New 1,200 Home Development in Northeast Round Rock

2019-01-30 12:50:52
Dog-Friendly Places in Williamson County, TX

2019-01-30 10:33:21
Did you buy a home in 2018? Here's everything you need to know about filing your Homestead Exemption in Texas!

2019-01-07 07:37:34
Buyer Tips for House Hunting in 2019

2018-12-21 07:03:09
Selling in the Winter Months? Here’s How to Maximize Your Home Sale Chances

2018-12-20 12:28:07
Williamson County Vote to Review Property Tax Exemption Policy for Residents Over 65 and the Disabled

2018-11-30 09:11:28
Selling Your Home in the Winter May Not Be So Bad

2018-11-28 13:05:06
Austin-Area Home Sales and Sales Dollar Volume Set October Record

2018-11-28 09:55:00
Smoke Alarms Save Lives -- Tips for Setting Up and Using Smoke Alarms

2018-11-26 12:07:14
Holiday Fun in Austin, TX

2018-11-06 09:58:45
Staging Tips and How to Stage on a Budget

2018-10-31 11:22:08
Should I Stage My Home Before Selling?

2018-10-31 09:49:08
What is a Multi-Gen or NextGen® Home?

2018-10-19 13:34:03
What is an In-Law Suite? Simple: It is a Smart Feature with Endless Possibility

2018-09-26 10:05:37
Proposed Cedar Park Mixed-Use Development Indigo Ridge South Could Bring Businesses and Housing for Thousands

2018-09-25 14:04:51
American Planning Association Names Historic Downtown Georgetown, TX as a 2018 Great Neighborhood

2018-09-24 14:11:13
Moving Checklist

Click here to see ALL articles.


Comment on this Article

Your Name:
Your Email:
Comments:
Verify:  Please enter the numbers shown to help eliminate spam.