When you’re buying a home for sale in Lake City or a nearby town or city, you know that you need to shop around for a mortgage – but here’s what you need to know first.
Mortgage Shopping Advice
Some of the best mortgage shopping advice includes:
- Look for a loan that you can pay each month with just one paycheck
- Ask for lower interest rates
- Let lenders know you’re applying elsewhere
Paying Low Monthly Amounts
The economy is a little unstable – and even if you have a great job with a steady paycheck, it’s important that you don’t overburden yourself with a loan that costs more than you can reasonably handle. It’s a good idea to borrow less than you can actually afford to borrow, too, just in case something unexpected pops up.
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Ask for Lower Interest Rates
Don’t be afraid to ask lenders for lower rates. You can feel free to let them know what their competitors promised you – or you can cite current market conditions. Just remember, though, that if you’re citing current interest rates, the ones you see advertised are those available to people with the best possible credit scores and financial scenarios.
Let Lenders Know You’re Applying Elsewhere
When lenders have to compete for your business, they might be more inclined to offer you better rates and terms.
Are You Buying a Home for Sale in Lake City?
If you’re moving to Lake City, we can help you find the perfect place to live. Call us at 386-243-0124 to tell us what you want from your home and we will begin searching right away.
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