Learn How to Obtain the Best Mortgage

Mortgages

Although lenders are setting strict ground rules regarding mortgages right now, it is still a great time to get a mortgage for your Jacksonville home if you’ve worked hard to maintain a great credit rating.

With plenty of homes on the market, and many sellers anxious to sell their homes (often for below market value), this may be the opportunity you’ve been waiting for.

If you are new to the home buying process, it is important to accomplish several things before you can get a great mortgage:

Educate yourself on current loan programs and interest rates, and shop around for the best deals. There are many online resources you can use to compare lenders and their current rates and programs. You can also visit your local bank or credit union, as well. Finally, continue to check the newspaper on a daily basis to see what interest rates are like. Pay close attention to loan fees, closing costs and points when choosing a lender.

Get pre-approved before looking at Jacksonville homes. A pre-approval letter is one of the smartest things you can have in your back pocket when searching for homes. It paints a clear picture regarding what you can comfortably afford, and puts you in a nice position when it comes time to make an offer. Remember: sellers are far more likely to accept an offer if it has a pre-approval attached to it.

Apply for a loan and lock in the rate. Because interest rates fluctuate on a daily basis, ask your lender if they are willing to lock in a rate for at least 30 days. Remember: if the lender you chose doesn’t have the best deal when it comes time to close, you can also reapply somewhere else. The only downside to doing this is that it may push your closing back a few weeks.

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