How To Get The Best Oakland Park Mortgage Rates
The recent tax overhaul in the real estate industry means that even though your new home might cost you less by as much as 4%, you no longer can rely on tax deductions to drive house prices even lower.
This is why it is important to shop around when looking for a favorable Oakland Park mortgage rate. Below we cover tips that will help you get a mortgage lender like NHL Lending that will offer you the best mortgage rates today.
A Strong Credit Score
A good credit score will let lenders know how fiscally responsible you are. A high credit score shows that you can be trusted to meet your financial obligations while a low credit score will make it difficult for you to qualify for a mortgage or will lead to very high interest rates.
At NHL Lending we look at a variety of factors when determining your interest rate.
Amount of Down Payment
One of the most effective ways to get a reduced home mortgage rate is by making a sizeable down payment, that is, around 20%. Even though it might be a struggle raising the initial amount, it will save you a lot of money down the line in high-interest rates.
Type of Mortgage
Among the many factors that determine your home mortgage rates is the type of mortgage, you sign up for. In turn, the type of mortgage is determined by several factors, for instance, the length of time you plan on living in your new house. If you do not plan to move out of your home anytime soon, a 30-year fixed mortgage would be a good choice. However, if you plan on moving, say after five years, then you should consider an adjustable rate mortgage.
One of the major differences is that with an adjustable mortgage rate, you get to pay a lower interest rate compared to the mortgage rate you get with a loan that spans a greater duration such as the 30-year fixed.
Finding The Best Lender
To ensure that you are getting the best deal, you will need to shop around and compare prices to find out which one offers the best Oakland Park mortgage rates. There are a number of ways to go about this. We cover them below.
Do Some Research
The internet makes it so easy to do research on various mortgage lenders and you should take advantage of this. Find out if the lender in question has accreditation that allows them to issue loans. You also need to find out if they are associated with other institutions in the industry as this boosts their credibility.
NHL Lending is a Zillow 5-star rated lender. You can also verify our services by checking the NMLS Consumer Access database.
Ask around for your family and friends to find out what kind of service they received from the lender. Customer care is very important to us and we treat each mortgage case with the speed and efficiency it deserves. In fact, you do not even need to visit our offices or send us an email to initiate your mortgage application process.
You can simply upload your documentation via our web portal and we will get back to you as soon as possible.
Take Note of The Kind Of Treatment You Get
Taking out a mortgage on a property is a very significant step in your progress in life. If you happen to take a 30-year fixed rate loan, you will be, for argument’s sake, be stuck with your lender for a long time. It is important that you feel comfortable with your mortgage lender right from your first meeting.
During the course of your meeting if you discover that the lender is unable to satisfactorily answer any questions you might have or gives you the impression that you’re bothering them is likely to disappoint you in the long term.
NHL Lending loan officers are conversant with every aspect of the various mortgage regulations. We will take time to explain to you the different types of loans we offer including:
- Veterans Affairs Loans
- Reverse Mortgage Loans
- Conforming Loans
- FHA Loans
- Jumbo loans
Even though you might know that you qualify for a mortgage, it sometimes can be hard to tell how much mortgage you can get your lender to finance.
This is why we encourage you to fill out our prequalification form. By filling out the form online, we can tell you how much mortgage you are eligible for by looking at your financial history. Our process is easy and convenient.
Filling out a prequalification form can also get you a better interest rate on your mortgage.
If you would like to get to know more about our services feel free to get in touch via our contact us page or give us a visit at our offices for the current Oakland Park Mortgage Rates.