Top Mortgage Advice For 2014!

Posted by Admirals Cove Homes on Jun 3, 2014 in Home, Real Estate | 0 comments

As you may or may not know the clock is ticking for potential homebuyers who wish to obtain a low mortgage rate this year. However as long as you remain on the top of your game, act as quickly as you can, and maintain your finances correctly. You can still get your hands on a very appealing mortgage deal. In order to help you with this we have gathered the top advice for mortgage borrowers during 2014.

1.)   Be Sure To Maintain Good Credit: It is imperative that you maintain good credit if you want a mortgage because it is basically impossible to obtain a mortgage without a decent credit score. This will be especially so during 2014 so if you want that low rate be sure to maintain good credit. The best rates go to borrowers with a credit score of 720 and higher.

2.)   Be Sure To Document All Your Finances: It is very important that you document any and all of your financial information. There are lots of new rules this year that are going to put extra pressure on lenders to ensure you have the ability to pay back your loans. So during 2014 lenders are going to be extremely meticulous when it comes to underwriting mortgages.

3.)   Be Sure To Shop Around: Be sure you shop around for your lender because as rates have climbed lenders lost a great deal of refinancing business and will fiercely compete for your mortgage during 2014. So utilize your bargaining power and shop around for the best possible rate.

4.)   Be Sure To Lock In A Rate ASAP: Due to the fact that the Federal Reserve is expected to greatly reduce its economic stimulus program that is helping to keep rates low. We expect that throughout 2014 mortgage rates are very likely to continue rising. So if you plan on obtaining a mortgage this year so be sure to lock it in as soon as you possible can.

5.)   Be Sure To Stay Calm And Not Panic: It is important that you stay calm and not panic. Yes, mortgage rates are very likely to rise during 2014 but you need to remember that buying a home is one of your most important decisions you will ever make in your life and can’t be rushed. Try to move as quickly as you can but only get your mortgage and buy your home when you are truly ready.