At RedStone Mortgage, we pride ourselves on offering clients our tried and true expert advice. Our goal is to get you the best possible home loan and to do that, we recommend the following:
Get Personalized Service
Mortgage brokers can save you a ton of legwork by taking care of the home loan research and presenting you with the best options for your financial situation. Oftentimes brokers have access to special lender rates and can even save you money on origination, application and appraisal fees.
Find Out If You Qualify for Any Special Programs
There are programs out there that make homebuying more affordable for certain individuals. Active or veteran military members and their spouses may qualify for a special VA loan, which allows for little or no down payment. First-time homebuyers may enjoy similar benefits via an FHA loan while USDA loans are available in rural areas.
Know How Much You Can and Should Put Down
Typically, a lower down payment will leave you with a higher interest rate, which means you’ll end up paying more money. Putting down 20 percent is the deal, but some lenders will accept as little as 5 percent with other stipulations thrown in. The best thing to do is put down as much as you can while still keeping some savings in the bank for unexpected emergencies.
Confine Your Search to a 14-Day Window
If you’re constantly applying for mortgages outside of this two-week range, the extra credit inquiries may actually lower your credit score. This hurts your chances of getting a decent interest rate.
Let RedStone Mortgage assist you in finding loan options that meet your individual needs. Call us at 480-759-1500.