It doesn’t matter if you’ve never bought a home or it’s been decades since you have, it can be difficult to learn the ins and outs of home loans. With MortgagesByJill.com, you can get expert advice navigating the housing market. From interest rates to qualifications, you can learn more about what it takes to buy your next house. Keep reading below for some facts that you might not know about Greensboro mortgage brokers and home loans.
Shopping around can save you money
When you’re trying to secure a home loan, you don’t have to take the first loan you’re offered. You can sit down at a bank and they’ll offer you a mortgage with a specific interest rate and term. You can usually hold onto this offer for an extended period of time of as much as six months. Speak with other lenders and work with a mortgage broker to find the best rate for you and your budget. This could save you tens of thousands of dollars over the lifetime of your mortgage.
You don’t always need a down payment
You’ll hear a lot of advice that says you need to save somewhere around 20% for a down payment when you buy a home. This is a considerable amount of money and if you’re renting somewhere with a high rent it can take a very long time to get there. A down payment is recommended so that you can buy a larger home than without it and you can show a lender that you’re committed by putting your own money in the pot. While this isn’t the case with all loans, you can still qualify without making a down payment.
Your mortgage broker can help you refinance
Whether you’re looking to get a lower monthly payment from a lower interest rate or want some cash-out for some remodeling, you can reinforce your mortgage. Work with a mortgage broker to find a better interest rate. This will not only give you the option of a lower monthly mortgage payment, but it will also make it easier for you to pay it off much sooner than if you kept your original mortgage.
Paying a little extra goes a long way
You can pay your mortgage off years in advance by making payments even $100 above your minimum monthly payment. This amounts to $1,200 every year and $12,000 over the course of 10 years. You could pay off your mortgage early and save thousands of dollars in interest. However, it’s important to be aware of potential early payoff fees that are attached to your mortgage as banks will often include them to recoup what they’ve lost from years of interest.
Self-employment can make it difficult to qualify
Those who are self-employed often have difficulty getting approved for a loan that they would normally qualify for. This is because they typically write-off expenses so their tax documents show that they’re making less money than they really are. When this is the case, you’re going to want to be able to document your true income to demonstrate to your lender that you are indeed qualified.
Get in touch to learn more
If you have any questions about working with Greensboro mortgage brokers, please don’t hesitate to reach out to MortgagesByJill.com. We’ve been helping our neighbors secure financing for a home loan for 30 years and will do the same for you. Give us a call at 336-740-9068 or send a message using our online contact form. We’re here for you seven days a week because you never know when you’re going to find the home of your dreams.