How To Tips:
The Easy Way
to Win the Mortgage Game
The Easy Way
to Win the Mortgage Game
When applying for a mortgage be sure of your credit. If your credit is not above a certain beacon score (525 +/-) be prepared to pay a high interest rate. Or if you don't understand the difference between points and interest rate you may find yourself paying tens of thousands more for the same home than you if your credit score where higher. This can cost literally you the cost of a new car.
Don't let this happen to you.
Here a few tips that should allow you to understand more completely how to win the game of getting a mortgage.
Never pay points.
Points are also refered to as “discount points”. This refers to the discount you receive on your mortgage interest rate for paying points upfront on your mortgage. 1 point equals 1% of your mortgage amount.
Compare points and interest rates between two or more lenders.
Allow for slightly higher interest in place of paying more than 1 to 2 points.
Get your mortgage from some one “in the know” rather than some one “that you know.”
If you are buying a second home or investment property be prepared to pay a higher interest rate due to the higher rate of foreclosures on mortgages in the investment arena
