The Best Way To Get The Right MortgageAre you thinking of buying a home? If so, then there are many things that you need to research first. For example, do you know what a mortgage is and do you know all the details of getting a mortgage? The more you know before you get into it, the easier the whole process will be for you. If you've never owned a home before, you know that securing a mortgage loan can be more nerve wracking than you might realize. After all, just like you would need to prove your expertise to secure a job, you need to prove your credit worthiness to secure a mortgage. The problem is, if you've never owned a home, how can you possibly convince a lender that your credit is good enough to qualify you for a home mortgage loan? This means that first-time buyers often face higher than standard interest rates and other unfavorable terms on their mortgages such mortgagee insurance. Yet many, many first-time homebuyers or event people with poor credit history enter the market each day, so there are lenders out there that are willing to take the risk. There are lots of mortgages designed specifically for first-time borrowers, with terms and rates that are flexible and not exorbitant. The trick is finding one of these lenders. You could simply start going from major lender to major lender to enquire about their fixed low-rate mortgages, but a far more sensible strategy involves finding a third party mortgage broker who represents a number of lenders under one roof. Of course, just as there are literally hundreds of different mortgages to choose from, so too are there hundreds of mortgage brokers. It is far better to use the services of a broker to help you ~cut to the chase~ and find the right mortgage for you. You should beware though - many mortgage brokers make their money by working on a commission basis with the lenders themselves. There are, however, independent brokers who are not in the business of servicing lenders, but borrowers instead. It's their job to help new borrowers to find a good mortgage with low rates. Lastly when you find a broker who has good relations with a number of lenders, it's easy to get a mortgage at special rates and it is also easy to repay the loan at favorable interest rates. In addition, when it comes time to refinance, you can generally use your relationship to lock in a much more desirable interest rate through a broker than through your current lender. The author has learned the hard way how NOT to buy a house and secure a mortgage. Since then she has become an expert and helped thousands of people get the "right" morgage and purchase the home of their dreams. Janine Monik is passionate about mortgages and is the webmaster of Flynn Mortgage
MORE RESOURCES updated Sat. May / 11 / 2024 Best mortgage lenders for refinancing in May 2024 CNN Underscored Cash-Out Refinancing: What It Is, How It Works Bankrate.com Mortgage Interest Rates Forecast 2024: What Homebuyers Should Expect Business Insider How to Refinance Your Mortgage NerdWallet What Credit Score Do You Need To Refinance? Bankrate.com 15-year refinance rates: Pros, cons and current lenders offers CNN Underscored Mortgage Refinance Rates: Compare Current Rates Business Insider Best Mortgage Refinance Lenders of May 2024 Business Insider Mortgage Interest Rates Today, May 8, 2024 | Average Rates Ease After Spiking Above 7% Business Insider Should You Refinance Halfway Through Your Mortgage? Bankrate.com Mortgage Interest Rates Today, May 6, 2024 | Rates Are Still High, but You Could Save by Shopping Around Business Insider Redfin’s $9.25 Million Agreement Ends Legal Battle Over Inflated Commissions – Forbes Advisor Forbes 10-year refinance rates: What to know CNN Underscored Average Mortgage Interest Rates: Mortgage Rates by Credit Score, Year, and Loan Type Business Insider How To Get The Best Refinance Rate Bankrate.com Should You Refinance Your Mortgage In 2024? Bankrate.com MBA: Mortgage Applications Increased in Weekly Survey Calculated Risk 30-Year Mortgage Refinance Rates Business Insider 15-Year Mortgage Refinance Rates: Compare Current Rates Business Insider Best Refinance Lenders of May 2024: Refinance Your Mortgage The Motley Fool Best Mortgage Refinance Lenders In 2024 Bankrate.com Loan Modification Vs. Refinance Bankrate.com Current mortgage refinance rates CNN Underscored 7 Ways To Refinance A Mortgage With Bad Credit Bankrate.com Refinance Requirements: What You Need to Refinance Your Home in 2024 The Mortgage Reports Should You Refinance To A 15-Year Mortgage? Bankrate.com Do I Need Money Down To Refinance My Mortgage? Bankrate.com Conventional Refinance Rates and Guidelines for 2024 The Mortgage Reports VA Refinance Rates - Current VA Loan Refinance Rates Today Business Insider How To Refinance An Underwater Mortgage Bankrate.com Current FHA Refinance Rates Today - Mortgages Business Insider 30-year refinance rates: What to know CNN Underscored When to Refinance Mortgage: Is it Time? - Buy Side from WSJ The Wall Street Journal Pros and Cons of a Cash-Out Refinance Bankrate.com Office of Research blog: A look at cash-out refinance mortgages and their borrowers between 2013 to 2023 Consumer Financial Protection Bureau CFPB Releases Study of Refinance Mortgage Loans Between 2013 and 2023 Consumer Finance Monitor HomeReady Mortgage Fannie Mae Should I Refinance My Mortgage Now? When to Refinance As Rates Drop Business Insider Mortgage Rates Chart | Historical and Current Rate Trends The Mortgage Reports
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