The #1 trick to getting the best mortgage on the block is to shop for mortgage rates with different providers. Submitting loan applications to different lenders is key. The majority of buyers will not shop for interest rates. Instead they'll go to one mortgage broker and go with the flow. This can cost buyers dearly.
When a buyer goes with at least 2 mortgage companies, they can be worked against one another to get the most favorable financing terms. When one lender provides a better rate, the other lender will go back to their underwriters and demand to beat the other lender, since the mortgage broker's commission is on the line.
Consider the fact that people will drive an extra mile to save a few pennies on a gallon of gas, yet on something which could potentially save them on 30 years of payments, the majority of home buyers won't do their best to get the most competitive rates!
It is equally as important to develop relationships with mortgage brokers. They can be your advocate and fight for you when they need to work the deal through underwriting. Otherwise, they'll just push paper along and the consumer might not end up with the best deal.
Are there other tips and tricks? Of course! Real estate can be intimidating, and we want to demystify it from A-Z. If you're looking to personally connect with someone who is an expert in the New York City real estate market and can help answer some of your toughest questions, don't hesitate to email us at email@example.com or fill out this form to receive a call from a member of our concierge.