Shop For A Loan South Florida Realty Real Estate Homes

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Shop for a Loan

Compare loan programs and rates offered by several different lenders before you choose a loan. If you find a lender that offers a 7.25 percent rate when all the others charge one-quarter point more, you'll save $6120 in interest over the life of a 30-year, $100,000 fixed-rate mortgage. Understanding the tradeoffs can help you choose a loan wisely.

To be sure you compare loans thoroughly:

Shop for a Loan

Compare three to five different lenders or mortgage brokers.
One of them is bound to offer the loan that's best for you.

Don't focus solely on the interest rate.
Getting a low rate is important, but you may not benefit from it if you have to pay too many up-front points and other fees.

Understand the relationship between points and rates.
A point is prepaid interest, and each point you pay equals one percent of your loan amount. If you get a $100,000 loan and pay two points, that's $2,000 in points. The more points you pay, the lower the rate you'll get.

Think about how long you'll keep the loan.
If you're going to move in a few years, consider an adjustable-rate mortgage since you may be able to sell the house before the rate gets too high. If you plan to stay longer, a fixed-rate mortgage may be an attractive option because your rate stays fixed for the term of the loan.

South Florida Real Estate Experts
1580 Sawgrass Corporate Pkwy – Suite 130
Sunrise, FL 33323

2385 Executive Center Dr. – Suite 100
Boca Raton, FL 33431
Phone: 954.483.8065