Real Estate Articles | Published: Monday, January 17 2011

Why the Best Mortgage Rates Come From Talking with a Loan Officer

Once you have decided that it is time to sell your home and buy a new home, or your a first time home buyer, the first step is to talk to a mortgage loan officer. While you can plug numbers into a free calculator on the internet, the mortgage interest rates that they use may be wildly different than the mortgage interest rates that you actually qualify for. As a result, the amount of the mortgage loan that you are comfortable taking could possibly be the wrong monthly payment.

When you contact a real estate agent, you should already know how much you are prepared to spend on your new home. That way the real estate agent can show you homes on which you can afford to make an offer to purchase. If you hazard a guess at this number based on a number that you found online, you may be wasting both your time and your real estate agent's. You also will find yourself frustrated when your dream home slips away because you had to take the time to determine whether you qualified for special lower rate mortgage programs.

Having a mortgage loan officer can help pinpoint the exact mortgage loan interest rate that you qualify for. While there are standard mortgage loan rates published online, yours may be lower or higher as a result of several factors. Your history of on time payments on credit cards, auto loans, your current mortgage, and even student loans can have a major effect on the mortgage loan interest rate that you are qualified for. Higher credit scores typically mean we can find a lower mortgage rate for you.

If you are married, then both you and your spouse's financial track record will be an important part of calculating your mortgage interest rate. Your mortgage loan interest rate also may be drastically affected by the amount of debt that you and your spouse currently have, both as individuals and as a couple. If you have a high level of debt already, then you are unlikely to qualify for a low interest rate, because you are seen as a risk. However, if I find that you have a low debt burden, then I will be able to find a lower mortgage rate for you, which means that your monthly payments will be lower, or that you can afford a more expensive new home with the same payment that you were already prepared to make each month.

Your mortgage loan interest rate will also vary based on whether you qualify for special programs. These programs, at times, include if you or your spouse are volunteer emergency medical technicians or firefighters, if you are purchasing your home in an urban redevelopment zone, and other information that you may not be aware of until you speak with a mortgage loan officer. RP Realty monitors all ongoing programs so we can find you the lowest mortgage rate possible, making home buyers and their families happy in their new dream home.

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Why the Best Mortgage Rates Come From Talking with a Loan Officer

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