When it comes to securing a mortgage for your upcoming home, keep in mind that you can shop around to find the best rate.
You are well within your right to not only negotiate a better deal with a lender, but also match one against the other to provide you with the best possible rates available on the market. Even the smallest percentage change can go a long way down the line when compounded over the length of your loan.
Similar to shopping around for a home, you should go in knowing that the price listed or, in this case the rate listed, isn’t written in stone. After all, there’s a reason why REALTORS factor in time for negotiation on a home. The same applies to mortgages.
I recommend reaching out to five or more mortgage lenders, many of which can be accessed online. With most mortgage applications, you’ll need to provide the standard info such as the type of loan you are applying for, your contact information, and a description of your current scenario and why you need a loan (ie. My annual salary is W and I’d like to purchase a home for X with a down payment of Y and a loan amount of Z). If you have a mortgage on your current property, they will also ask you to provide background on that.
Most lenders will also request proof of income, such as a recent pay stub or tax return, and any other monetary information you can provide to help them navigate the financial waters and ship you the best rate.
Then, with your pre-approval letter in hand, fill out the form below or give me a call (c: 732-857-6382) and we can kick-off the house hunting process.