Five Tips to Remember When Shopping for a Mortgage
Has purchasing a new home or refinancing your current one crossed your mind in the current market? Do rates look so good that it's hard to pass them up, but you don't know where to start?
Well, choosing the best mortgage is not easy. A lot of the information out there is confusing and misleading.
Here are some things you should know to help make things a bit easier.
- 1. Fixed-rate is the way to go. Shop for 15-, 20-, and 30-year fixed-rate mortgages - they are the safest and most popular. Stay away from adjustable rate mortgages.
- 2. Look into an FHA loan. If you only have enough money for a small down payment or have a low credit score, consider an FHA loan. Best of all, they're backed directly by the government.
- 3. 720 is the new 680. A credit score of 680 or higher used to get you a low rate, but not anymore. To get a preferred rate today, you'll need a credit score of 720.
- 4. Get a conforming loan. You'll get better rates and pricing if your loan conforms to the limits set by the government.
- 5. Your down payment is equity. Put extra money towards your down payment. When you sell, you won't get back any money used to buy down the rate.
Weber Credit Union has many mortgage options to choose from. Whether you are buying or refinancing, we have a knowledgeable staff available to answer any questions you might have, and to help you along the way. We also have competitive mortgage rates.
Don't miss out on your chance to get in on the great benefits of getting a mortgage today, and remember there are up to $14,000 in Federal and State tax credits and grants available.
Give our Mortgage Specialist KaraBeth a call today at (801) 337-2066 for a personalized consultation and Good Faith Estimate.
Weber Credit Union is an Equal Housing Lender.
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