Getting the best mortgage deal doesn’t happen by just calling up a few banks and lenders – there are a great number of factors that can affect your interest rate.

If you want to get the best mortgage deal possible and save the most money, you should check out some of these tips to lower your rate and become a more qualified buyer: 

Don’t be confused by the concept of points, because it’s actually very simple:

A point is an upfront fee paid to lower the ongoing interest rate on your mortgage, typically by .125%. A point costs 1% of the total mortgage cost. For example, if your loan is $300,000, you can expect to pay a fee of $3,000 to lower your interest rate.

Paying for points makes sense if you plan to stay in the home for a long time, however be sure to have your mortgage loan originator run a cost-benefit analysis to see if paying for points makes sense for you and your home.

A 30-year fixed mortgage is one of the most common mortgage you’ll see out there. However, if you are able, consider a 15-year fixed mortgage as well.

While a 30-year mortgage minimizes your monthly payment, a 15-year mortgage typically offers substantially lower interest rates as well as an opportunity to save lots of money over the life of the loan.

One of the first questions to ask your loan officer is, “Do I qualify for any special loan programs?” For example, you may qualify for a VA loan or a 3% down conventional loan, and these programs can help you get great terms and get access to the best rates.

The Mortgage Loan Originator’s job will be to figure out which programs you qualify for as well as which program will offer the best rates and terms for your unique situation.

Credit is arguably one of the most important factors that determine your interest rate. If your credit score is high, then you are likely to qualify for the lowest rates available on the market.

Don’t worry though – if your credit score isn’t quite where it needs to be, your loan officer will make some great suggestions to help you improve it. You can also check out these helpful tips to raise your credit score quickly and easily.

A local lender, Morgan Financial is more likely to work with you to help you find the best rate rather than stick you with a one-size-fits-all solution. All in all, our customer service and reputation speak volumes to our commitment with serving Brevard County. If that’s not enough, we guarantee you will get the Best Deal on your mortgage or we will give you $1000*. Yes, you read that right. Contact us today so we can get working on your new loan!

Give us a call today at 321-757-3570 or click here for details or to get started.