Within the evolving mortgages marketplace in the U.S., it’s important that consumers have a clear understanding of the latest changes. We at Mortgages Diversified team at the Summit Mortgage Corporation work to educate our clients and ensure they have the information they need to make effective decisions on their available options. Here, we’ll take a look at ten facts about the current diversified mortgage marketplace.
- Rates can change quickly
With lenders competing for your business, rates are changing rapidly and you can now reduce your costs significantly through a diversified mortgage.
- Each lender charges different fees
Lenders will also compete on fees. Remember to read all documentation to determine the full cost of each loan.
- Lenders can now sell a loan to another bank
Lenders have the option of selling your loan to another institution.
- Your middle credit score matters
The middle score is the number between your lower and higher of your three credit scores. It’s the number used by lenders to determine your loan capacity.
- A low down payment can be achieved on diversified mortgages
By improving your credit score and working with a qualified lender, you can significant reduce your down payment costs.
- You can now refinance your home loan at any time
Rules now state you have the option to refinance at any time during your loan term.
- Good credit is the foundation to lower rates
A high credit rating will give you the best start in your negotiations with lending institutions. It will show you’re able to manage your financial obligations and meet the terms of your mortgage agreement.
- You can get a mortgage after foreclosure
A foreclosure doesn’t prevent you from ever getting a mortgage again. Lenders can help guide you in navigating the marketplace after your foreclosure, and securing your ideal home.
- It’s important you know your Annual Percentage Rate (APR)
The APR of the loan will determine your total costs. Read all paperwork and only sign documentation when you have a clear understanding on the impact the APR has on your total mortgage expenditure.
- A mortgage specialist can help to reduce closing costs
Mortgage experts understand the marketplace and can guide you on reducing closing costs.
By turning to the Mortgages Diversified team here at Summit Mortgage Corporation, you can simplify the loan process and reduce your property costs over the coming years. Contact us now to learn more on your diversified mortgage options!