GET THE BEST MORTGAGE TERMS FOR YOUR NEXT HOME PURCHASE Are you going to be buying another home after you sell your current home? If you said “Yes,” chances are you’ll get another mortgage to purchase that home. Here are three ways you can get the best terms on that mortgage. #1: Shop around. Even if you have a great relationship with your bank, it pays to shop around. And it doesn’t cost you anything to do so. Sometimes, your bank won’t think you’ll shop around. As a result, they may not give you the most competitive interest rate available. Make sure you get a second opinion from another mortgage lender. #2: Work with a lender that understands all of the loan programs available. Sometimes, you can save a lot of money if you use a loan program, such as VA, FHA, USDA, etc. These loan programs were all created to make mortgages less expensive, and easier to get. If you pay taxes, then you probably contribute to some of these different loan programs. It’s only fair that you check around to see if one of these programs might get you a lower interest rate. #3: Consider a shorter loan term. You can save a lot of money if you get a shorter mortgage term. The most common scenario is a 15-year mortgage versus a 30-year mortgage.
142
Powered by FlippingBook