Welcome to professrsavings.com, we teach finance basics.
Today we will teach you easy ways to get a cheaper mortgage about two minutes.
Hi I’m your host Rayfil Wong.
For many of us, being a home owner is a dream. After all, home ownership is an investment in which we can actually use. We can live in it.
But we are always looking for ways to save and find a cheaper mortgage.
Note that find the best rate on a mortgage loan is important since finding a reduced rate can save you a lot over the period of the mortgage let’s say over 30 years.
This can lead to thousands of dalliers in savings you can use to go on a nice cruise ship.
We would suggest you start out with finding out your credit score.
Better credit score, better terms lenders can provide. That simple.
Our best hint is to be be proactive. The three major ones are Transunion, Equifax and Experian.
Next do some comparison shopping with a mortgage broker.
They are motivated to help you since they make money from how much you lend.
Aside from traditional commercial banks also check out a credit union. A credit union is simply a non profit owned by their customers with a pooled amount of money that can often provide lower rates than a commercial bank.
Something else to consider.
Look for adjustable rate mortgage but the down side is that you may get a lower rate the first few years but later can spike up.
One popular solution is when homeowners decide to pay for fees known as points in exchange for a lower rate. Don’t be overwhelmed.
Again, we are just covering the basics so consult a mortgage professional.