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Tips on Saving Money on Your Mortgage
Mortgages Are Like Anything Else in Life, They Come in All
Shapes and Sizes and They Suit All Different Kinds of People and Their
Specific Needs and Constraints. What may be perfect for one of
us is not any good for another. What may have been perfect for our own
needs yesterday, may not be at all advantageous tomorrow. People's financial
situations and goals change, all of the time, and the economy and financial
climate also change on a daily basis.
Always do your due diligence, educate yourself and never stop asking questions
when it comes to your current or prospective mortgage. Only by fully understanding
the mortgage market, its rules and regulations and all the economic factors
that influence it, will you be able to get the best mortgage that you
can. If you know that you will want to refinance or get a new mortgage
in the future start the process today by keeping an eye on all that will
come into play on the day that you actually go to get preapproved. That
way you will be as far ahead of the game as you can, make all the best
choices and not allow lenders to pull the wool over your eyes or coerce
you into a deal that is not as good as it could have been.
- Get Preapproved for Your Mortgage and Not Just Prequalified. With preapproval, the lender will follow the process up to the point where
he can quote you the maximum allowable loan amount. The lender will then commit
in writing, to granting that loan, and its terms, if you purchase within a set
Note: The lender will not have checked on all of your supporting
documents or credit and income information at this point, so there's no assurance
that the loan will be approved, but if your information is corroborated you
will be able to proceed at that point.
You Will Need to Provide the following for the Preapproval Process to Take
· A completed loan application.
· A credit report; try to get them from ALL three agencies.
· Wage/check pay stubs.
· Bank statements.
· Employment information.
· W-2 forms.
· What ever else a particular lender may request.
· $20 to $50 dollars for the filing fee.
- Getting pre-approved will
give you an extra edge when bargaining with a seller or realtor, or bidding
against another prospective buyer. Knowing that you are able to go through with
the purchase quickly has a lot of influence on the manner in which you will
- Mortgage lenders will be competing for your business and will negotiate
a better deal for you if you are a good candidate who has been pre-approved. You will be in a better position to negotiate a final interest rate, which
may not be the published rate, and also more comfortable terms.
- If You Are Short on Cash Then You Need to Consider an ARM,
Adjustable-rate Mortgage. ARMs feature lower monthly payments
in the beginning, which is something that can help many people get into
their first or second home a little faster. Interest rates offered for
ARMs tend to be about 1.5 to 2 percent lower than the average 30-year-fixed
- If The One-year ARM's Annual Adjustment Seems a Bit Unstable
for Your Particular Comfort Level Consider a Hybrid ARM That Features
an Initial Fixed Period of Five Years or Seven Years. You'll
pay a little more in interest than for their one-year counterparts, but
less than you would for a 30-year fixed-rate loan.