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How can I save money on a mortgage loan?
Is there anything I can do to save money on a mortgage?
Asked By Misha | San Diego, CA | 252 views | Finance Legal Info | 1 year ago
Answer(6)
Chris Yochum
Dickson Realty
Talk with a few lenders and find the best rate (APR). Usually the better your credit is the better your rate, though they just made a new law that changes things some in that regard. The more you put down the better. And in some cases finding an adjustable rate mortgage can save, though be causes with these loans.
- 1 year ago
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Megan Kilmer
Revest Homes, Inc. - Dream Catch Properties
You can save by putting 20% down to eliminate the need for Primary Mortgage Insurance, boosting credit score can lower APR, asking for a credit (seller credit, realtor credit or lender credit), you can buy down the rate, or pay points - 1% of the loan amount, are all ways to save on your mortgage.
- 1 year ago
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Steve Meyers
eXp Realty of California, Inc.
Hi Misha, make sure you are working with a mortgage broker vs a big bank first and foremost. Also see what incentives they are offering you rocket mortgage and a few of the bigger names offer credits towards your closing costs and so forth. Best thing to do is talk to 3 or 4 lenders and see who might be willing to give you a credit towards closing costs, hope that helps
- 1 year ago
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Maria Ashby
Berkshire Hathaway HomeServices Georgia Propertie
Ask a trusted Realtor for their recommendations for local mortgage lenders. Local lenders who are members of the Local Board or Realtors as affiliate members are working hard to earn and keep the business of the local Realtors and their clients. Other local lenders who your Realtor trusts to do an excellent job for their clients are the best. Then shop a few lenders, closing costs, interest rate etc.. to find the right one for you. Do your shopping around in the same month so that when they check your credit it’s only a small bump in your credit.
- 1 year ago
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Richard Macmillan
MGR Real Estate
Good morning, I’m not sure if the question is related to purchasing or refinancing. I will answer based on purchasing. When you write up the offer ask for closing costs and allocate them towards a rate buy down. If the property is in high demand offer over asking with a credit back for the amount needed for a rate reduction. I have done this several times successfully as this reduces your mortgage payment monthly even with the higher loan amount. Speak with your lender they should be able to assist (if not find another lender) the most you can get back is 6% of total.
Thanka
- 1 year ago
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Kiva Kendrick
Golden Key Realty Group
To save money on a mortgage loan, consider these strategies:
1. Improve your credit score
2. Shop around for the best rates
3. Consider a larger down payment
4. Pay points to lower the interest rate
5. Consider a shorter loan term
6. Avoid unnecessary fees
7. Refinance when beneficial
8. Make additional payments or consider biweekly payments.
- 1 year ago
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