Getting a lower mortgage is easier than you think

    As has been discussed before, when you are in the market to buy a new house, you will more than likely need a mortgage.  Even if you already have a mortgage, you can still reapply to get one with a lower rate.  Doing so will help you save money.

    The Powell Group at Keller Williams of the Western Upstate of South Carolina has some suggestions for you.  These tips will help you if you find your current rate is too expensive.  For new homeowners, this information will provide you with the information you need to choose your first mortgage wisely.

    Getting the best mortgage is the key to making the smallest payment later
    Getting the best mortgage is the key to making the smallest payment later

    First of all, let’s address those that already have a mortgage.  Chances are you took out a mortgage several years ago.  Have you looked at the current rates lately?  Many of them in South Carolina are much lower than in previous years.  Contact your lender because you may be eligible for a lower rate.  Refinancing could save you money., look into something called an interest-only loan.  In a nutshell, if you have a 30-year mortgage, an interest-only loan will allow you to only pay the interest for the first 10 years.  The tradeoff is a possible higher payment for the final 20 years and the amount of which can be negotiable.  This option is perfect for those that are young and still getting their foot in the door of their chosen profession.  It will allow you to pay less while earning your first paycheck.  You can take advantage of that while growing in your field on your way to a better-paying  job.

    Also, look into something called an interest-only loan.  In a nutshell, if you have a 30-year mortgage, an interest-only loan will allow you to only pay the interest for the first 10 years.  The tradeoff is a possible higher payment for the final 20 years but the amount can be negotiated.  This option is perfect for those that are young and still getting their foot in the door of their chosen profession.  It will allow you to pay less while earning your first paycheck while growing in your field on your way to a better job.

    Lastly, ask about an adjustable rate mortgage.  With this mortgage, your rate is fixed for 3 – 10 years (depending on the loan).  But, after that time period expires, your rate will be adjustable, and it could go higher.  If you are planning to stay in your home for a short amount of time, this might be a good solution for you.  But, you will need to figure out your financial future because the rate will change after the fixed time period.

    The Powell Group encourages you to explore your options to see what kind of mortgage you are eligible for.  Our team members can refer you to the proper experts to give you the best advice for your individual situation.

    If you are moving to the Western Upstate of South Carolina, log onto our website and have a look at all of our beautiful homes.  We are sure you will find exactly what you are looking for.

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