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3 Secrets Mortgage Brokers West Palm Beach Know Abt Low Interest Rates

When buying a new home, the first thing that a potential home buyer needs to do is secure financing from  Mortgage Brokers West Palm Beach . Many home buyers don’t realize that prior to beginning your home buying process, realtors require a financing “letter of approval” before they will meet with a new client.

For this reason, obtaining a home mortgage loan with a low interest rate is extremely important. Every  Mortgage Brokers West Palm Beach will use a different set of criteria to assign an interest rate. The problem is if you don’t have the right information you may not get the lowest interest rate possible and spend thousands of dollars more than you needed to over the average 15 to 30 year mortgage.

That’s why we want to give you 3 secrets   Mortgage Brokers West Palm Beach know about finding you the lowest interest rate so that you can save thousands and move in to the home of your dreams.

One home buyer recounts their lending experience and regrets that they didn’t make an effort to look for     Mortgage Brokers West Palm Beach  earlier, “We were first time home buyers and had no idea how home mortgage loans worked. We went to our local bank, applied for a loan, and got our approval letter to start looking at homes. We found the house of our dreams and need to put in an offer in immediately. I wish I had done more research initially because we didn’t have time to find new financing and we ended up with a loan .75% above the national average! I wish I would have gone to    Mortgage Brokers West Palm Beach    who could have assisted me through this process and I would have gotten a much lower rate.”

Save thousands and learning the 3 secrets     Mortgage Brokers West Palm Beach    know about obtaining low interest rates:

Rebuild Your Credit Score – Experienced  Mortgage Brokers West Palm Beach  know that your credit score is one of the main factors in determining your interest rate. If you have bad credit, consider first contacting the 3 main credit bureaus to resolve any discrepancies. If you are applying for a joint home loan and only one person has bad credit, then consider having the individual with good credit apply solely, this may help decrease the interest rate. Be sure to contact Mortgage Broker West Palm Beach first so he can direct you in the right direction.


Dealing With Your Outstanding Debt – Before applying for a home loan, never pay off any collection accounts or make a major credit card purchase – as both of these scenarios can negatively affect your interest rate and can jeopardize your loan approval. Before you start dealing with any discrepancies on your credit report or your outstanding debt, consult  
  Mortgage Brokers West Palm Beach immediately for their expert advice on credit counseling, so that you get the best home buying plan to achieve the loan rate available.


Employment – Being gainfully employed is also an extremely important factor when lenders are determining your loan approval. According to  Mortgage Brokers West Palm Beach, many lenders will call your work references to verify your income, job title and length of time of your employment.  This information needs to be very specific, as it could affect your ability to get approved. Be sure to let your supervisor or HR department know you are in the process of purchasing a home and to expect a lender’s phone call.


If you are need of 
  Mortgage Brokers West Palm Beach  who can council you on improving you credit score and out-of-debt planning then we would like to invite you to contact Christian Penner at (561) 316-6800 or email at christian@christianpenner.com.

Related topics:   Mortgage Brokers West Palm Beach and    Mortgage Lenders West Palm Beach  Secrets

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Christian Penner 
Area Manager
Mortgage Loan Originator
Phone: 561-373-0987
Fax: 561-935-4142
License: NMLS#368289
Christian@ChristianPenner.com
www.christianpenner.com

Rate versus Price Reduction

Everyone wants to get the best deal when buying a home. However, Mortgage Broker West Palm Beach has some good advice for potential buyers who are waiting to see if home prices come down a little more, the wait could cost them.

Let's look at an example, from 
  Mortgage Brokers West Palm Beach to see why. Say a home buyer wants to buy a home that costs $300,000. But the buyer wants a better deal on the home, so she delays a transaction until the home is reduced by $10,000. If, in the meantime however, rates were to rise .75% to 6.00% and the buyer financed 90% of the purchase price, the amount of total payments over a 30-year term would be over $35,000 more than paying the $300,000 purchase price and locking in the 5.25% interest rate. In other words, the buyer would save $10,000 only to end up paying $35,000 more.


Now these prices and rates are just for the sake of example. But according to