Home mortgage interest rates are climbing and are expected to climb higher. But that doesn’t mean you’re powerless as a new home buyer. There are real estate brokers, mortgage professionals, and attorneys that can help you in Long Island Press Home Pros.
They can help in the following ways:
Buy down your rate with points
Consult with a mortgage broker and they’ll tell you how to lower your interest rate by paying for discount points upfront. Each discount point costs 1% of your loan amount. So if you are seeking to borrow $300,000, one discount point would cost you $3,000 and would typically lower your rate by 25 basis points (0.25%).
Use a shorter loan term
Many lenders offer mortgage loans that are shorter than a typical 30-year term. For example, a 15-year loan often comes with an interest rate that is about 0.75% lower than 30-year rates. Of course, seek advice from a home mortgage professional — those 15-year loan payments are much higher.
Choose a different property
Buying a less expensive home is one way to reduce your mortgage payment. Or perhaps it’s worth considering buying a larger home and renting out a portion to reduce your mortgage payment. Best to consult a real estate agent.
The Long Island Press Home Pros directories are bursting with real estate agents, real estate lawyers, mortgage professionals and insurance brokers. Each listing includes project galleries, bio information, testimonials, and contact information so you can reach out to them directly.
Check out Long Island Press Home Pros here to begin your real estate journey.
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