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Top 5 Home Loan Tips

 

Once you have viewed your new interest rate and payment savings from Close Your Own Loan.com, the next step is the toughest part: the decision. Here are some helpful tips to help you make that decision.

 

1) Get the point

The initial interest rate and payment quote issued by Close Your Own Loan.com is quoted with 0 points.  Take a moment to view your interest rate buy down options. If you plan on keeping the loan for more than 3 years, it may make sense to pay points to buy down your interest rate. Please take the time to explore your interest rate buy down options located just beneath the Loan Estimate. You may find that the lower rate and payment may make the points worthwhile.

 

2) Break even

Once you have selected an interest rate buy down option, simply divide the total dollar amount of points you will pay by the dollar amount you will save in monthly payments. This will tell you how long it will take for you to break even. For example, $1,500 in points divided by monthly savings of $50 equals a break even timeframe of 30 months. Once you break even, you will have recovered all of the points you paid up front and will then begin saving money every single month from that point on.

 

3) What you don't know may hurt you

If the rate quote you are receiving from another mortgage company seems too good to be true, it probably isn't. Check for hidden fees or charges that make the lower quoted rate more expensive in the long run. 

 

4) Have faith

You have a legal right to a Loan Estimate from any mortgage company that issues an interest rate quote. Request a copy of this document and review it carefully. A Loan Estimate is generated automatically every time Close Your Own Loan.com issues a rate quote. If you misplaced yours, click here to obtain another copy.

 

5) Do your homework

Don't just assume you are dealing with a reputable company because they have a website, check them out. There are two excellent resources for verifying the integrity of any mortgage company: The Better Business Bureau and The National Mortgage Licensing system.  These independent third party resources can verify the integrity, reputation and licensing status of any mortgage company to ensure you are only working with the someone who deserves your business.

 

Follow these simple tips and you will have the confidence of knowing you are getting the best loan program at the lowest interest rate with the right costs from a reliable company.

 

Click Get Rates to get your instant online mortgage quote. 

 

Speak With A Loan Coordinator 

 

Would you prefer to speak with a Loan Coordinator over the telephone?  Please call us directly at   1-800-276-CYOL(2965) and choose option 1.  Or, click here to have one of our experienced representatives contact you directly.