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| GUIDE TO SKILLFUL BORROWING People are often misled by myths that state that it is almost impossible to get a mortgage, or that all mortgages are about the same with lender's rates being almost identical. In actuality, most people just don't get the right information before they jump into the mortgage pool. Educate yourself before your next loan. Here are eight handy tips for skillful borrowing: 1. Be prepared. It is important to know how much you can afford to spend before you even begin your searchTo figure out your Debt-to-Income Ratio divide your monthly payment obligation on long term debts by your gross monthly income. Check our our Loan Calculator at the site. 2. Know what things affect your loan. If you have good credit & your monthly income far surpasses your monthly debt obligations you most likely will get approved at a lower interest rate. However, if your monthly income barely covers your minimum debt obligations, even if you have good credit, you may not walk away with the lowest interest rate around. The other important factor to consider is what you can afford as a down-payment (if you are buying a new house) and/or how much equity you have in your existing home (if you are refinancing).It is important to find the right home and loan to match your budget. Use our calculator to figure out your estimated monthly payment in advance by estimating your loan amount, interest rate, and length of mortgage. 3. Shop, Shop, Shop. LoanWeb supplies the resource tools you need to compare loan products & rates. One of the biggest mistake that most consumers make when shopping for a loan is to only contact one lender. Mortgage brokers can do this for you. By shopping your loan with dozens of lenders & negotiating the rate, they can get you the best possible loan. 4. Shop Multiple Lenders LoanWeb understands the importance of shopping around. After all, you want to make sure that you get the best rate possible on your home loan. LoanWeb enables you to shop multiple lenders and thousands of loan programs with one form. Shopping your loan around has never been so easy. Discover your low interest rate home loan today. For a FREE NO-OBLIGATION quote 5. Know which loan is best for you. There are advantages & disadvantages to every loan. Make a point to find out what they are before applying. Visit our page on Loan Types to find out the advantages & disadvantages to each type of loan. 6. Determine the total loan costs. To get the best loan, look at the annual percentage rate (APR). Many people make a mistake by thinking that the lower the interest rate the better the loan. This is not always the case. The lender usually charges an initial fee for processing your loan - this is called "points." Don't be confused by a low interest rate if the points are high. It could turn out that your total cost may be more than you anticipated. When selecting a fixed-rate loan, the best way to determine which terms are better is to add up the dollars you will pay for interest and fees, including points, over the life expectancy of the loan. Points - good or bad? It really depends on if you are looking at the short term or the long term. 7. Know the ups & downs of lock-ins. A lock-in is a lender's written promise to hold a set rate for a specified time period until the loan is completely processed. 8. Check out LoanWeb's "Loan Calculator" to calculator your Loan. |
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