Getting The Best Mortgage Loan Terms

Getting The Best Mortgage Loan Terms | by Jim Catalano

Today mortgage loan products are somewhat of a commodity. You can get a mortgage at your corner bank. However, just because it’s easy to find a mortgage wherever you go does not mean that mortgage terms are the same, too. Often they are not and getting the wrong advice can be costly.

Rates and fees often vary from lender-to-lender based on a variety of factors as well as loan customizations. A good example is some lenders may offer you a loan with a 10 percent down payment at a 90 percent loan-to-value, while another lender may offer a piggyback loan, referred to as an 80/10/10, where you still have a 10 percent down payment, but the lender provides a second (piggyback) loan in order to avoid mortgage insurance.

A knowledgeable mortgage professional will not only present you with both loan options but will help you understand all your choices so that you make an informed and wise decision.

There are many considerations when it comes to your mortgage that can affect your upfront costs as well as your interest rate. For example, let’s say you have a credit score above 740, and you want to make the least amount of down payment. If your plan is only to own the property for a few years, you may find an FHA mortgage to be less expensive compared to a Conventional loan with a 3 percent down payment, even though the upfront costs are higher.

My best advice to getting the best mortgage — hire the best mortgage professional.

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