Before You Buy That House – Do You Know These 7 Things? I Didn’t
1. You can negotiate a better interest rate. Although the general consumer knows you can often get a better deal by shopping around, most people do not transfer this technique to obtaining a mortgage. Keep in mind that the interest rates quoted by lenders are almost always flexible, so all you have to do is ask for a lower rate. Many times, the lender will come back with a better offer if theyre worried that youll take your business elsewhere.
2. Know your credit history and credit score. Since the largest part of the loan approval process is determined by using your credit history, it is essential that you do not meet or speak with a lender or broker without first having a familiarity with such information. The worse your credit history and score, the worse and more expensive the final loan payment will be. By becoming familiar with your report, you will not be surprised by any questions raised by the lender/broker, plus you will have the opportunity to address any negative issues on your report.
3. APR does not mean what you think it does. The concept of the APR (Annual...
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