When it comes to getting a mortgage, it pays off to pay less. Because you’ll be paying your mortgage every month for a duration of time that could span decades, a low rate is key. Luckily, there are things you can do to ensure that you get the best rate possible when you apply for a Blackhawk home mortgage. Here are a few things you can do to get the lowest rate.
How much can you afford to put down on a home? If you’re able to put down 20% or more, you may be able to pay less in the long run. Here’s why: when you put down 20% of the value of your home, you can get a mortgage that does not include Private Mortgage Insurance (PMI). This means that your monthly payment will be less and, over all, you’ll be paying less in total. It’s difficult to put down 20% on a home, especially when the home is in an area with high property values. Explore your options – see if family members would be willing to chip in. Alternatively, set up a savings system so that you can save as much as possible. You may also be able to get a special kind of loan that waives PMI if you are a military veteran. If not, there still may be workarounds that you can utilize. A qualified mortgage broker may be able to help.
Watch the Market
Mortgage rates vary based on a number of factors. One is the current market. Depending on what’s happening in the economic sector, there are times when mortgage rates are up and when they are down. Currently, mortgage rates across the country are at a low. This is a good thing for prospective homeowners because it means that you’ll be able to lock in a low rate and pay less over time. A low interest rate is also good if you’re looking to refinance your home. In this case, you may be able to get a lower rate for your mortgage than you had when you bought your home initially. It’s worthwhile to keep an eye on the market in order to capitalize on low rates. A qualified mortgage broker can help you determine a good time to buy.
Work With a Qualified Professional
When you’re working on your own to find a good mortgage rate, you may miss chances to save money. After all, you can only seize the opportunities that you know about. Luckily, there are mortgage brokers who can help you lock in the best rate for a Blackhawk home mortgage. A qualified professional knows the ins and outs of mortgage rates and will be able to advise you on the best course of action – and alert you to options that can allow you to get the best mortgage rate possible.
Apply For a Blackhawk Home Mortgage
When you’re ready to purchase or refinance a home, look to The Mortgage Genie. With 30 years of experience and a 99.8 closing ratio, The Mortgage Genie can help make the process of home buying as pleasant, easy, and economical as possible. Contact us by clicking here for more information. We look forward to hearing from you.