“Marry the house; date the rate.”
6 Ways Your Buyers Can Save on Their Mortgage
With rates near 7%, your clients are feeling the financial squeeze. Here are a few secrets to ensuring they get the best deal they can on their loan:
- Shop around for a loan.
- Negotiate.
- Buy down the mortgage points.
- Ask for discounts.
- Be aware of float-down policies.
- Consider the mortgage terms.
Lenders may be able to offer other types of loans to help borrowers lower their monthly payments. For example, adjustable-rate mortgages have been surging in popularity as 30-year rates edge higher. ARMs accounted for nearly 19% of single-family mortgages in the spring, although they remain below pre-2008 levels, according to CoreLogic data. ARMs tend to offer a lower introductory interest rate, but they will reset to current rates in five or seven years, depending on the terms.
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