Scott Moize Jr.

Great Western Home Loans

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How To Negotiate A Better Mortgage Rate

November 3, 2020 by Scott Moize Jr.

How To Negotiate A Better Mortgage RateFor those who are thinking about buying a house in the near future, they want to make sure that they get the best mortgage rate possible. At the same time, if people who want to reduce the interest rate on their mortgage, then they need to do everything you can to make yourself as attractive as possible to lenders. When they are negotiating for a better rate on your mortgage, they need to keep a few important points in mind.

Make A Larger Down Payment

If people want the lender to reduce the interest rate on your mortgage, then borrowers need to think about making a larger down payment. By doing everything they can to reduce the risk they present to the lender, they will be rewarded with a lower interest rate. If borrowers are willing to put more money down, then that is less money that the bank has to lend out. Therefore, the risk the bank takes on is going to be reduced and borrowers will be rewarded with a lower interest rate. Make a larger down payment to reduce the interest rate on the mortgage.

Improve the Credit Score

Another way that people can reduce the risk that they present to the bank is to improve their credit score. What can borrowers do to make this happen? They can check your credit report first and correct any inaccuracies that might be present. After this, they should take a look at any existing debt they have and try to pay down as much of it as possible. By reducing the amount of debt they owe, the credit score will improve, helping them qualify for a lower interest rate on their mortgage.

Take Advantage Of Discount Points

Those want to reduce the interest rate on your mortgage, could use something called discount points. These are points that the borrower will pay directly to the lender in exchange for a lower interest rate. By providing the lender with more money up front, they can secure a reduced payment over the life of the loan.

Reduce the Interest Rate

These are a few of the fastest ways that people can secure a lower interest rate on their loan. This can save them a tremendous amount of money.

Filed Under: Mortgage Tagged With: Down Payment, Mortgage, Mortgage Rates

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CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A COMPANY OR A RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. COMPLAINT FORMS AND INSTRUCTIONS MAY BE OBTAINED FROM THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550.
THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF LICENSED RESIDENTIALMORTGAGE LOAN ORIGINATORS. A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV.

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