Avoid Bad Mortgages | Which Lender Has The Lowest Rates?
Many American homeowners have moved from one place to another in the span of five to ten years, often due to reasons that are either financially-driven or a career advancement decision (which are also usually financially-driven). In California, families who move often have chosen to sell my house fast Los Angeles and found it less of a hassle.
And some had hoped that finding a new house, making the offer, communicating, and negotiating with a realtor or home seller would only take about a week to complete. But this is the just one phase of the process. Another phase, one which determines if the house being purchased is worth the time and money, is finding a lender with the best mortgage for you.
“As for mortgage rates, who knows? They were low throughout 2016, spiked higher after the election, but are still low by historical standards. They could remain low in 2017, or rise. There’s still not a lot of room for them to fall.” – Holden Lewis said in his 2017 house buying tips.
We won’t be dwelling on more predictions today, instead, we will be talking about the incredibly simple tips to finding the best lender with the lowest mortgage rates, to protect yourself from ending up with a bad mortgage loan.
How To Find The Best Lender With The Best Rates
When you are looking for the best rate, take into consideration the list of lenders your realtor, friends, and family recommend. Finding the best mortgage plan can be a complicated process especially if you’re a first time buyer. Your realtor can be a great help in this area, since they work with many mortgage companies on a daily basis.
Invest In Down Payment
Saving up for the down payment is the first step to avoiding a bad mortgage. If you can save enough, then you have a greater selection of reputable lenders to choose from. And generally with a bigger deposi, these companies would offer lower interest rates on your monthly mortgage… which in turn leads to a lower monthly payment.
A higher deposit could also mean saving on the mortgage insurance, which is common when the down payment is lower the usual percentage. Here’s a helpful rate tool you can use to aid your search.
Credit Score Improvement
This one is easy to figure out. With a better looking credit score, more lenders will willingly offer you their better interest rates. These financial companies are more than happy to help those with higher credit scores. The higher the score, the better options available to you.
Your length of stay in the property must be taken into consideration as well. If you are looking at staying for more than ten years, then a long-term repayment plans will work best for you. However, if you plan to stay for just a couple of years, consider looking into adjustable rate mortgages (ARM).
With ARM, the interest rates are considerably lower but the repayment terms can become quite catchy and complicated. SellAnyHouse LA has seen households deal with ARMs that caused agitation when the repayment terms changed to offset the initial lowered rate. When we buy houses in Los Angeles CA, we don’t turn our backs from properties with complicated mortgage terms or extensive repairs.
When You’re Ready To Sell Your LA House
Once you find the right mortgage company to finance your loan, contact SellAnyHouse LA for additional assistance. With our speedy process, we can complete the sale of your current property in as little as 5 days. In turn you’ll get a fair all cash offer, which will be deposited right straight to your bank.
Proceed with sell my house fast Los Angeles with the assistance from one of our real estate consultants. We’re happy to help you move on!