How to Secure the Best Available Mortgage Rates
Are you experiencing financial stress due to high mortgage rates hovering around 7%? Don't worry; there are ways to secure the best possible deal on your loan. Affordability is a significant concern, especially since 60% of US cities have seen a rise in home prices during the second quarter of this year. With mortgage rates currently above 7%, the monthly payment for a single-family home mortgage, on average, is over $2,200.
Are you looking to save money on your mortgage? Here are some tips that might come in handy to help you out. Firstly, you should begin by scouting for the most competitive rates and then negotiate with the lenders to get the best deal possible. A credit score above 740 increases the probability of obtaining lower interest rates. Shopping around can also save you a significant amount over the life of your loan - studies show that getting multiple mortgage rate quotes can save you an average of $84,301. Learn More
Consider buying down mortgage points, which can lower the interest rate on your loan. However, keep in mind that this requires paying more upfront at closing. Existing customers who bank with a lender may also qualify for relationship discounts.
Finally, be aware of float-down policies, as mortgage rates fluctuate throughout the closing timeline. And remember, negotiating on the initial APR or refinance rate can lead to savings, with an 80% success rate.
Questions about our local real estate market?
Contact us today to learn more about homes for sale or selling a home on the Treasure Coast. Whether buying or selling a home on the Treasure Coast, we are always happy to meet with you to discuss your wants and needs with no obligation. Eric Slifkin, Broker Associate, Keller Williams Realty. Info: 772-678-1600.
