Now that you are about to buy a home, it’s likely that you’ve been looking for ways to find the best mortgage rate in Utah you can get. Altius Mortgage Group knows a mortgage is often the largest financial commitment you can take, so it’s wise to bargain for a deal you can afford.
The surest way to arm yourself is by getting information. This article shows you three sure ways you can negotiate for a great mortgage.
1. Do your best to be the perfect borrower
A smart way to get a superb mortgage deal is to prove to the bank that you are the ideal borrower. You want them to see that they want to do business with you.
A good starting point is to put down a big deposit — more than the standard 20% if possible. A clean credit history also works in your favor. Ensure that your credit report is flawless too.
2. Study the mortgage market
Before beginning to visit lenders, it is important to do your research and understand the current mortgage rates from various financial institutions.
This information helps you know when a lender is trying to charge you a higher rate than you know you can get elsewhere. If you can demonstrate to the lender that you know their competitor is better priced they may be willing to listen to you.
3. Find a competent mortgage broker
Arming yourself with a competent mortgage broker is one of the smartest ways to negotiate a better mortgage. Brokers know the industry inside and out, and they have inside information they can leverage to your advantage.
Often, a broker will have a strong relationship with some of the key people in lending institutions, which gives them extra bargaining power.
It’s easier to get better deals on mortgages than most people imagine. With adequate financial preparation, information about the market, and the help of an excellent broker, you can end up with a cheap mortgage.