RealtorGail

Real Estate in Jupiter and Beyond

  • About
    • About Gail
      • Testimonials
    • Illustrated Properties Testimonials
  • Search
  • Jupiter
    • Jupiter Residential Real Estate Market Update
    • Search by Schools Zones
    • Communities
      • Abacoa
        • Cambridge Abacoa
        • Island
        • Mallory Creek
        • Martinique
        • NewHaven
        • Valencia
      • Botanica
      • Eagle’s Nest
      • Egret Landing Jupiter
      • Jupiter Farms
      • Ranch Colony in Jupiter, FL
      • Rialto in Jupiter
      • The Shores of Jupiter
      • Whispering Trails Jupiter
    • Homes with Ocean Access
    • Jupiter Oceanfront Homes
    • Jupiter Neighborhoods with Starter Homes
    • Oceanfront Condos
    • For Sale By Price Range
      • Under $200k
      • $200k-400k
      • $400k-600k
      • $600k-800k
      • $800k–1M
      • $1M–2M
      • $2M–5M
      • $5M–10M
      • $10M–15M
      • $15M+
  • Tequesta
    • Tequesta Residential Real Estate Market Update
    • Riverbend and North Passage Tequesta
    • For Sale by Price
      • Under $200k
      • $200k–400k
      • $400k–600k
      • $600k–800k
      • $800k–1M
      • $1M–2M
      • $2M–5M
      • $5M–10M
      • $10M–15M
      • $15M+
  • PBG
    • Palm Beach Gardens Residential Real Estate Market Update
    • For Sale By Price
      • Under $200k
      • $200–400k
      • $400–600k
      • $800k–1M
      • $2M–5M
      • $5M–10M
      • $10M–15M
  • Buyers
    • Jupiter Home Purchase| The Home Inspection
    • Obtaining Financing
    • Florida’s Homestead Exemption – What you need to know
    • Florida Real Estate Agent Relationships
    • Why Use a Real Estate Agent
    • A Word About Title Insurance
    • Value Added Service
    • Open Houses
  • Sellers
    • Your Home’s Worth
    • Marketing Your Home
    • Prepping Your Home
    • How to Price Your Home
    • Florida Real Estate Agent Relationships
    • Why Use a Real Estate Agent
    • A Word About Title Insurance
    • Value Added Services
  • Blog

Follow these three tips to help ensure you get the best mortgage

May 2, 2017 by gailmarcarelli Leave a Comment

For most buyers, the mortgage is the largest monthly expense they will ever have. Yet many borrowers don’t know how to prepare, negotiate or shop for mortgage loans.

  1. Compare lenders. A loan officer works for a bank or savings and loan and offers you proprietary loan packages. A mortgage broker shops your deal around to various lenders and gets quotes for you. You’ll have to share personal financial information to get a realistic rate, and then pick the lender’s offer you like best.
  2. Pay attention to terms. All fees are negotiable. It’s all in your loan estimate and closing disclosure form when you’ve applied for the loan, so ask for a blank one up front so you can compare fees. Ask the reason for each fee if it’s not apparent.
  3. Choose the right type of loan. Current market conditions favor fixed rates, because rates are rising from all-time lows. Yes, they cost more than hybrid loans or adjustable rate loans, but the base amount is fixed and doesn’t change. Only your taxes and hazard insurance will cost you more over the years.

If you get an adjustable rate mortgage, you are at the mercy of market conditions. While there’s a cap on how high your interest rate can go, it’s only a good risk if you plan to sell or refinance before your rate changes.
Ask your lender to explain the risks and benefits of the types of loans available.
More about financing

[simple-social-share]

Share this:

  • Twitter
  • LinkedIn
  • Facebook
  • WhatsApp
  • Tumblr
  • Pinterest
  • Print

Filed Under: Financing, Real Estate

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Copyright © 2021 · Log in