RISMedia
  • News
  • Premier
  • Reports
  • Events
  • Power Broker
  • Newsmakers
  • More
    • Publications
    • Education
No Result
View All Result
  • Agents
  • Brokers
  • Teams
  • Marketing
  • Coaching
  • Technology
  • More
    • Headliners New
    • Luxury
    • Best Practices
    • Consumer
    • National
    • Our Editors
Join Premier
Sign In
RISMedia
  • News
  • Premier
  • Reports
  • Events
  • Power Broker
  • Newsmakers
  • More
    • Publications
    • Education
No Result
View All Result
RISMedia
No Result
View All Result

Tips for Helping Clients Get a Mortgage They Will Love

Home Agents
By Bill Gassett
January 6, 2023
Reading Time: 3 mins read
Tips for Helping Clients Get a Mortgage They Will Love

Once you are ready to buy your first home, getting a mortgage will be one of your top priorities. Sometimes getting a mortgage can be daunting.

But this doesn’t need to be the case. If you take the proper steps, you’ll get a home loan you’ll love.

We will look at how to get a home mortgage with lower interest rates to make ownership a more straightforward process.

Check your credit report

When you apply to a lender, they will check your credit report, so you should check this in advance too. There could be errors in your credit report that hurt your chances of getting an outstanding mortgage.

To get the best mortgage rate, you need a good credit score, and if there are mistakes in your report, this could be holding you back. If you find errors, contact the credit bureau to get them sorted out.

If you regularly check your credit score and reports, you can monitor your progress in improving your creditworthiness.

If something unexpectedly changes, it could indicate that you have been the victim of identity fraud. If you regularly monitor your credit, it won’t harm you as much as it otherwise could.

Increasing your credit score to purchase a home should be a significant goal. 

Do some research

While it isn’t exactly fun, researching home loans will help you find a better mortgage. You will pay a lot of money over the course of the mortgage in interest to the lender, so doing research is a valuable use of your time as large sums of money are involved.

Have reasonable expectations

While you might want a mortgage with the lowest interest rate, this might not be possible. If the lender requires that you have a 20% down payment to be approved for the lower rate, and you only have 10%, don’t base your decisions on getting this mortgage.

This might mean that you have to lower your expectations about what you can afford. It could mean a smaller home or not in your ideal neighborhood. The upside is you’ll have a more affordable home that is less likely to stretch your finances to breaking point.

Choosing the right type of mortgage

Understanding which home loan is best will be a crucial consideration.

Do you want an adjustable rate or a fixed-rate mortgage? The adjustable rate, or ARM, has a fixed introductory period with a normally lower interest rate. After this, the interest can increase and change your monthly mortgage payments.

A fixed-rate mortgage can be better if you expect interest rates to increase. If you lock in a lower rate, you could save a lot when interest rates rise.

You also need to decide the payback term for the mortgage. A 15-year mortgage will have higher monthly premiums than a 30-year one, but you will pay less overall interest.

Increasing your down payment

The more money you have for a down payment, the better the terms you are likely to be offered. While it is possible to buy a home with zero down in some situations, or 3.5% in others, it isn’t the best option.

Having a larger down payment means you will pay less interest on the loan and have less or no private mortgage insurance to pay. This results in smaller monthly mortgage payments and the ability to afford a more expensive property.

Watch out for payment penalties

Paying more each month will reduce the time it takes to pay your mortgage and the amount of interest. However, on rare occasions, some lenders include pre-payment penalties if you try to become mortgage-free sooner.

Check the home loan terms to see if a penalty like this will apply.

 Be careful about mortgage applications

When you apply for a mortgage, the lender will make a hard inquiry on your credit report. This will negatively affect your credit score temporarily.

If you want to compare mortgages, you might want to apply to a few different lenders. This could reduce your credit score and make getting a mortgage more complicated and costly. However, if you apply to multiple lenders over two weeks, this will only count as a single hard inquiry on your report.

 Is buying a home right now your best option?

While you might really want to purchase a home, you could be better off waiting. Buying now might mean you stretch your finances in a way you could regret later on.

But if you wait, your circumstances could improve and allow you the opportunity to save for a larger down payment.

Think over your options carefully before making a final decision.

Tags: advice columnBill GassettClient AdviceMLSNewsFeedMortgage TipsMortgages
ShareTweetShare

Bill Gassett

Bill Gassett is the owner and founder of Maximum Real Estate Exposure.

Related Posts

New York-Based Marquee Realty Joins Howard Hanna Real Estate Services
Industry News

New York-Based Marquee Realty Joins Howard Hanna Real Estate Services

June 20, 2025
Cutting Out the Noise
Brokers

Cutting Out the Noise

June 20, 2025
RISMedia Wins Gold, Silver Awards, Special Recognition at 2025 NAREE Journalism Competition
Industry News

RISMedia Wins Gold, Silver Awards, Special Recognition at 2025 NAREE Journalism Competition

June 20, 2025
Mortgage
Industry News

Mortgage Mix: CFPB’s Attempted Rollback on Redlining Settlement Denied by Judge

June 20, 2025
Housing
Agents

The Housing Crisis Demands Action—Here’s a Blueprint

June 20, 2025
Empowering Female Business Owners on Their Path to Aligned Ambition
Agents

Empowering Female Business Owners on Their Path to Aligned Ambition

June 19, 2025
Please login to join discussion
Tip of the Day

Why a Dirty Car Could Cost You the Deal

Think a dirty car doesn’t matter? Think again. Learn just how much first impressions can make or break a deal. See how.

Business Tip of the Day provided by

Recent Posts

  • New York-Based Marquee Realty Joins Howard Hanna Real Estate Services
  • Cutting Out the Noise
  • RISMedia Wins Gold, Silver Awards, Special Recognition at 2025 NAREE Journalism Competition

Categories

  • Spotlights
  • Best Practices
  • Advice
  • Marketing
  • Technology
  • Social Media

The Most Important Real Estate News & Events

Click below to receive the latest real estate news and events directly to your inbox.

Sign Up
By signing up, you agree to our TOS and Privacy Policy.

About Blog Our Products Our Team Contact Advertise/Sponsor Media Kit Email Whitelist Terms & Policies ACE Marketing Technologies LLC

© 2025 RISMedia. All Rights Reserved. Design by Real Estate Webmasters.

No Result
View All Result
  • Home
  • Premier
  • Reports
  • News
    • Agents
    • Brokers
    • Teams
    • Consumer
    • Marketing
    • Coaching
    • Technology
    • Headliners New
    • Luxury
    • Best Practices
    • National
    • Our Editors
  • Publications
    • Real Estate Magazine
    • Past Issues
    • Custom Covers
  • Events
    • Upcoming Events
    • Podcasts
    • Event Coverage
  • Education
    • Get Licensed
    • REALTOR® Courses
    • Continuing Education
    • Luxury Designation
    • Real Estate Tools
  • Newsmakers
    • 2025 Newsmakers
    • 2024 Newsmakers
    • 2023 Newsmakers
    • 2022 Newsmakers
    • 2021 Newsmakers
    • 2020 Newsmakers
    • 2019 Newsmakers
  • Power Broker
    • 2025 Power Broker
    • 2024 Power Broker
    • 2023 Power Broker
    • 2022 Power Broker
    • 2021 Power Broker
    • 2020 Power Broker
    • 2019 Power Broker
  • Join Premier
  • Sign In

© 2025 RISMedia. All Rights Reserved. Design by Real Estate Webmasters.

X