If you want to get the most home for the least amount of money, read our new report called 3 tips to obtain the best financing when buying a home. If you’re a home buyer in Rhode Island, start looking for the best financing options before beginning your house search.
Realtors advise that house hunting is the last step when buying a home. There are many options for financing. Read 3 tips on getting the best financing rates as a new homebuyer.
1. Get Preapproved for a Mortgage
Getting preapproved for a mortgage gives you the green light to start house searching. Preapprovals determine your financial history, the loan amount you qualify for, and the guarantee that you will receive this money. Not only does a preapproval benefit you financially, you feel a calmer sense of security going into your investment.
Once verified, mortgage brokers will write a mortgage preapproval for you at no cost and no obligation. The approval is a certified funds guarantee. A written preapproval is as good as money in the bank.
2. Qualify for Special Low Financing Deals
Homebuyers working with reputable real estate agencies have the upper hand in obtaining financing deals. Lenders want to work with good agencies like these and may feel more inclined to extend better mortgage rate deals. This makes qualifying for a down housing payment and low monthly rates in Rhode Island more possible.
3. Consider a Shorter Loan Term
When you take out a 15-year fixed mortgage rate versus a 30-year rate, you will incur significantly less interest in the long term. Many 30-year interest rates range from 2.80-to 3.00%, while 15-year interest lies around 2.35% in 2022. You may try an adjustable mortgage rate that begins with lower interest rates, but rates may increase, leading to more interest. Speak to a qualified lender in Rhode Island to go over your financing options.
Begin Your Home Buying Journey Here
Your Home Sold Guaranteed Realty- The Nathan Clark Team wants to help you save money and help get you the best financing for your new Rhode Island home. We have expert real estate agents ready to talk now. Call us at 401-288-3557, or fill out the form below for more information.