Do you Qualify For Low-Interest Mortgage Rates?

by BlueWater Realty of Pine Island, Inc 09/08/2019

Getting a new mortgage can be stressful, whether you are getting it for the first time or not. You have to carry out thorough research to avoid going into a mortgage that drains your pocket through high-interest rates. You can get yourself prepared for the lowest interest rate that is suitable for you by taking good care of your credit history. Do you realize that a difference of 1 percent in the interest rate can save a tremendous amount of money on a mortgage running for 30 years?Consider the following when searching for competitive rates:

Introductory rates:

You should consider loans with discounted initial rates. Be on the lookout for fees and be ready to switch in case the rate goes higher than your budget or plan.

Alternative lenders:

When looking for a low-interest mortgage rate, you should check if a smaller non-banker lender is providing a low-interest mortgage. When you find options, check properly to be sure that there are no additional charges. You must know the final amount before committing.

Variable versus fixed rates:

The difference between a variable and fixed rate is that variable loans usually advertise more flexibility and lower interest rates when compared with the fixed rate. However, the truth is that you can get a fixed-rate mortgage without any possibility of rising rates. Variable rates may tell you the percentage is likely to go down, but it can go up also! 

Negotiating a discount: 

After you have selected a mortgage company, inquire about their unadvertised discounts that can save you money.

Here are some tips to help you qualify for low-interest mortgage rates:

  • Get a loan with low fees. You should know that most mortgages have a separate charge that is different from the repayments and rates. Such fees sometimes are not included in most online loan comparison websites. Contact the company to be sure you have full information about one-time fees like application or origination fee as these may be expensive. Compare with other ongoing fees to be sure it does not cost you more in the long run.
  • Should you avoid fees at all costs? You do not always need to avoid fees. To know the amount that a loan will cost you, you should do the calculations and consider the benefits as well as the charges involved. If you discover that a mortgage loan has features that benefit you, it is justifiable to pay a small ongoing fee.
  • Save up a healthy down payment. It is worth noting that you are likely to borrow less to cover your home's purchase price if you have a substantial down payment. It is better to save enough funds towards your down payment.

Speak to your financial advisor or planner to know how to be pre-approved for the best mortgage rates before you start your house search.

About the Author
Author

BlueWater Realty of Pine Island, Inc

Phil Gilles Direct: 239-425-5423 Email: [email protected] Donna Gilles Direct: 239-425-5426 Email: [email protected] Donna and Phil Gilles are two of the most respected Pine Island Florida Real Estate Agents. Their dependability, honesty and integrity are truly a "cut above” in the real estate profession. Having vacationed in Southwest Florida for several years and owning on Pine Island for eleven years, Donna and Phil could no longer resist the magnetism of Pine Island and moved to the island in 1998. Donna and Phil started BlueWater Realty of Pine Island on September 11, 2002, realizing Pine Island was in need of a real estate family that was a step above the mass marketers that dominate the real estate profession. Donna and Phil are both members of the Realtor Association of Fort Myers and the Beach, the Florida Association of Realtors, the National Association of Realtors, the Multiple Listing Service, and the Pine Island Chamber of Commerce. Donna and Phil’s in depth real estate training include investment management, brokerage, marketing high-end homes, real estate law, ethics and practice. Both Donna and Phil achieved the Graduate Realtor Institute designation in 2006. If your immediate future requires counseling in the purchase or sale of real estate, please contact Donna or Phil. They are professionals who will work hard for you to help achieve your real estate goals. The professional GRI (Graduate Realtor® Institute) designated real estate team at BlueWater Realty of Pine Island specializes in assisting prospective Pine Island residents in locating and purchasing their "piece of paradise” in Bokeelia, Pineland, St. James City and Matlacha. BlueWater Realty of Pine Island also provides a "no hassle, no cost” listing service for customers who wish to sell their Pine Island properties. Let the team at BlueWater Realty of Pine Island provide you with the best professional assistance available when selling or buying Pine Island real estate. Contact us at 239-283-7500 for more details. Pine Island, Florida is a short distance from Cape Coral and Fort Myers, Florida, however, our lifestyles and quality of life are worlds apart. Our four-way stop at Pine Island Center is an invitation to turn north toward Bokeelia and Pineland or south to St. James City. Whichever direction you turn, you will experience an atmosphere that exists in few Florida communities. Instead of high rises, asphalt and concrete, you will find low density development with the accent being on preservation and nature – not development. Residents of Pine Island revel in the extraordinary wildlife that inhabits our island, including sea birds of all varieties and colors, manatees, dolphin and other wildlife of all species. Pine Island offers some of the best fishing and boating in Florida. Boat to a secluded beach on Cayo Costa or island hop to the many eateries offering abundant seafood varieties. Fishing opportunities are endless. Inshore fisheries include snook, redfish, trout and world-class tarpon fishing, which has made our waters famous. Offshore fishing for grouper and snapper are excellent with many natural and artificial reefs. There is no better time than right now to purchase your "piece of paradise” on Pine Island. Interest rates are near an all-time low and prices are approximately 40% lower than they were just five years ago. The GRI (Graduate Realtor® Institute) designated Realtors® at BlueWater Realty of Pine Island can make a difference. When you see the letters GRI after an agent’s name, you can count on receiving the knowledge and guidance to ensure a smooth real estate transaction. In short, you can count on getting the best service available from a real estate professional. We want to be your Pine Island Realtor®. Call 239-283-7500 today. When it comes to finding a peaceful community in southwest Florida, Pine Island stands out as a leading place to find a second home, vacation spot or quiet place to retire to after long days in the Florida sun. Although Pine Island is actually the largest island on the Gulf Coast, it is a casual and laid-back place and the perfect spot for secondary homes. If you ever decide Pine Island is the right place for you, you have four beautiful neighborhoods to choose from. Whether you are looking for a gorgeous beachfront home, or a location inland, you will find everything you are looking for and more on this island, including a close-knit community, still active during the day before letting the night drift in and close down the island. Getting to and from the island is simple and the island itself is only an hour away from the Southwest Florida International Airport. Better yet, because the economy of Pine Island thrives on local fishing, it is a great spot for anglers to spend the day fishing or newcomers to begin fishing and develop a new passion. The island is also the ideal spot for relaxing activities like kayaking, hiking, and boating, among others. Visitors and residents alike will quickly find the island is a quiet community where the nightlife dies down by the end of the evening. You will be able to have fun without having to worry about noisy visitors keeping you up all night. Rest and relaxation comes at a premium these days, but Pine Island affords residents the opportunity to comfortably enjoy life. The residents here are just as diverse as the activities you can take part in. Artists, musicians, business professionals, retired attorneys, teachers and snowbirds all call Pine Island home. Even raising a family provides you an opportunity to raise children in a diverse environment with culture and life thriving around them. Still, this tiny part of Florida brings something unique to Pine Island livinganyone who visits it. As Pine Island was described in an article in Coastal Living Magazine, "A slice of Old Florida ‘country’ still thrives on this lush, green isle.” These are just a few of the perks of living on Pine Island. We hope to continually update our blog with community news, real estate updates and information regarding Southwest Florida and Pine Island, as well