1. Monitor Your Credit.
The best way to save money on everything from your home mortgage to car loans to credit card interest rates is to improve your credit score. With a mortgage, having really good credit can save you tens of thousands of dollars over the life of your loan. By paying bills on time and keeping the amount of credit you use to a minimum will help to improve your score over time. See this list of tips for ways to improve your credit score.
3. Get Several Quotes.
It is a good idea to get several quotes from different lenders. You can check online or even call your local lenders. It is not a bad idea to get at least three different quotes.
4. Examine Different Loan Programs
VA, RD, FHA, Reverse, ARM and Conventional are just some of the different types of loans. Different programs have different requirements so be sure to talk with a loan officer about which program is best for you.
5. Consider Shorter Terms
Interest rates are significantly lower on 15 year mortgages than on 30 year mortgages. Of course your monthly note will be higher, so be sure to discuss this option with your loan officer to see if this would be a good choice for you.
6. Gather Loan Documentation Items
- Government Issued photo IDs
- Two years of federal tax returns including W-2s/1099 forms
- Two months of bank statements displaying your name, account numbers, and the name of the financial institution. Be sure to bring all pages of the bank statements(even blank pages or pages with advertisements)
- One month of paystubs from your employer
Kim Higgins – ABR, CRS, e-Pro
Keller Williams Realty Services
1522 W. Causeway Approach
Mandeville, LA 70471
Cell: 985.705.1910
www.KimHiggins.com
www.KimHiggins.com/blog
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