Exclusive Buyer

taxes, homeowner’s insurance, and maintenance costs. Please ensure that you’ve budgeted for all these items when shopping for a home loan and more. BE INVOLVED Don’t forget to stay involved throughout the process of shopping for a home loan, researching interest rates, comparing interest rates, and looking for the best mortgage deal. Real estate agents and mortgage brokers have complicated jobs in ensuring their clients get the best deal. Therefore, as a buyer, you should also make efforts to ensure you’re also part of the whole process and that you’re involved in every step of the deal. Research has shown that most people spend more time shopping for cars than they spend shopping for home loans. As a result, many buyers end up paying more in closing costs, or higher interest rates than they might have because they didn’t bother doing enough research or they didn’t adequately shop the mortgage market. Real estate mortgage interest rates can move up and down quickly due to various financial and market factors. The ever-changing rates can confuse almost anyone, and timing is important. For instance, one day the rate might be 5% and the following day it could rise to 6%. Many people overlook the shopping aspect and tend to approach a single lender to avoid going through the “hassle” of looking for the best deal. As a result, these buyers could very well end up with their “dream” home, but it might come at a steep price, like a significantly higher monthly mortgage payment. LOCKING IN A RATE “Obtaining the lowest available interest rate on a mortgage should be every prospective homeowner’s objective,” says Lisa Smith from Investopedia. The reason is simple: Lower interest rates mean lower monthly mortgage payments, which can