Applying for your first home mortgage in Nashville might seem like an easy process simply because people buy and sell homes every day. However, buying a home is not like buying a new bike or even a new car, and applying for a home mortgage can be a time consuming process requiring a lot of patience. But, if you know what to expect up front, the home mortgage process will be much easier and a lot less stressful.
The following 3 tips will help you save time and money when researching and applying for a home mortgage to suit your specific needs.
Nashville Home Mortgage Tip #1: Interest Rates – before choosing a lender you will want to shop around to see what current Nashville mortgage rates are. Shopping for mortgage rates online is a time saver and you can frequently find lower rates as well. Your mortgage rate will affect how much money you have to pay back over the term of the loan, so the lower the better.
Nashville Home Mortgage Tip #2: Fixed or Variable Interest Rate – when it comes to your mortgage there are more options than just a loan you pay back over a set amount of time. You can choose different mortgage interest rates that work best for your current and future situation. So, before you apply for a mortgage do some research on variable and fixed interest rates to find what will work best for you.
Nashville Home Mortgage Tip #3: Down Payment – when first applying for a Nashville mortgage you might not know the specific amount of the down payment you will be required to pay. If you have questionable credit, many times a lender will require you to pay between 10% and 20% of the home’s value up front, but if you have good credit you can make a lower down payment AND get a great rate. This depends on the lender, so shop around.
When buying or selling Nashville homes, be sure you use a Nashville Realtor who is ranked in the top 10% of Realtors nationwide, be sure to use the Remarkable Homes Team! We have save our clients time, money and headaches.