Making The Most Of Your Mortgage Process (To Pay The Least)

Making The Most Of Your Mortgage Process (To Pay The Least)How To Be A Savvy Shopper For The Right Mortgage

Applying for a mortgage might seem boring, but when you know the right way to navigate the process and start to discover all the ways you can save yourself money, it is not uncommon to get a little excited. We want to help you make the most of your mortgage process so you can pay the least, so we are offering these tips to use when choosing your mortgage.

  • Cultivate Competition: You would not buy a car without shopping deals at different dealerships or purchase an insurance policy without getting multiple quotes. Why would you not do the same when shopping for a much bigger product: your mortgage? Let your potential lenders know you are collecting quotes, too, as it might motivate them to give you a better rate to compete.
  • Solidify Savings: If you can save 20 percent for your house’s down payment, you will avoid having to pay for private mortgage insurance. Since these premiums can be over 1 percent of your loan, it might be worth it for you to wait until you have the right down payment to buy your home.
  • Deal With Your DTI: Your DTI—or debt to income ratio—will be a huge part of determining the rate you pay on your mortgage. Generally, you will not even be able to get a mortgage if your DTI is higher than 43 percent. Be aggressive with your debt or look for other income sources if your DTI could use a boost.

You can draft an expert to your team to help you make the most of your mortgage shopping. With offices in Irvine, California and Lahaina, Hawaii, Avis Lending is here for all of your west coast mortgage needs. To ensure you get the right home loan, contact us today.

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