These three things will help you get a SWEET mortgage deal every time!
I want to share with you this winning formula to get a sweet mortgage deal! There’s three steps to getting the sweetest mortgage deal every time you go to get a new mortgage. And if you get these three steps you can get a new mortgage as often as necessary. Just because you have a 30 year loan, for example, doesn’t mean you have to hold it for 30 years. You can always refinance it and get into a new product that makes more sense for you. So what are the three winning formula items?
#1 The right product
I know this sounds obvious. But it may not be as obvious as you think- there’s a lot of mortgage products out there. They specialize in certain things, and have certain strengths and certain weaknesses. So you want to make sure you get the right product aligned with what your goals and your needs are.
For example, a little while back a military veteran came in who thought, “Hey, I should just get a VA home loan because I have this benefit available to me.” Well, after going through the criteria, it turned out that the VA home loan for that particular person was actually more expensive than a different loan product. So you really want to make sure you get that right product.
#2 The right costs
Now there’s more that goes into it than just closing costs. It’s the relationship between rate, closing costs, and the product. It’s a triangle that works together. If you get those three, you’ll have yourself set up for the best possible situation that you can bring to the table.
#3 The right terms on your loan
This could be how long it takes to a pay off your loan or your repayment period- whether it’s a new 30 year fixed, a new 20 year, or a custom term. Those custom terms are what a lot of people tend to overlook, but they have a lot of power to keep you on schedule.
For example, if you are only 2 years into your loan, you may want to look at doing a 28 year loan to keep you on schedule. With the analytics that we do, it’s shocking sometimes how much interest can be saved by dropping that repayment term and how little it can increase a payment.
With all three of these working together- the right product, the right cost, the right terms, (plus incentives that appear in the marketplace that we’re always sniffing out for you)- you have the winning formula to get the sweetest mortgage deal for you. I hope this helps, and let’s walk through all of these and see if we can’t save you the most money and get you the sweetest deal possible!
About Post Author
