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Interest rates have hit another spike in April with continued high inflation data and low unemployment reports prompting the feds to bump up rates.Read on for “7 Tips to Get the Best Mortgage Rate” article from Forbes Magazine published in January 2024. This article points out that comparing lenders could save thousands of dollars. While I agree that interest rates and fees may differ slighly from lender to lender, the biggest savings may be found in special programs offering discounted rates/points which are proprietory to the lender.
Here are a few programs offering thousands in savings by local lenders/brokers: -First-Time Homebuyer program (defined as having no ownership interest in a residential property within the last 3 years) which offers discounted conventional interest rates with as low as 3% down payment. Lower mortgage insurance, reduced closing costs and no additional fees or pricing adjustments are added incentives. Eligible borrows must qualify under an annual household income maximum. -VA 30-Year Loan with discounted rates. Most VA loans are eligible to be refinanced by way of a VA Streamline process. -Portfolio Loan product designed for investors and owner occupants with rates typically lagging up to 2 weeks behind current conventional rates. Drive-by appraisals allowed. It does pay to shop around! Reach out for additional details on each of these programs as well as other lender programs which may benefit your buying situatuation. |
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National Stories
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