Information overload – that could be the best phrase to describe the state of how people consume information these days with more and more businesses going online. And, yes, it affects even the mortgage industry, wherein some might find it challenging to filter useful mortgage information from the rest.
If you are looking for reliable information about a home mortgage, one thing you should remember is to check out whether or not the source is reputable. If the source is a government website, the reliability is high. If the source is a website from a private entity, then do some background check to ensure that the website you are browsing on is considered reputable in the industry.
So, online looking for the best mortgage rates, San Diego? Here are some tips to increase your chances of finding one:
Check your credit report beforehand – this is so that you know where you stand. You can make an initial self-assessment about your credit score, which lenders use as one of the factors to determine your creditworthiness. Take advantage of the free credit report from each of the three main reporting bureaus each year (yes, you are entitled to a free credit report each year from those bureaus through annualcreditreport.com). Doing so allows you to fix errors, pay down debt, and improve any history of late payments before applying for a mortgage loan.
Familiarize the six main types of mortgages – this allows you to choose the best option for your unique case. Remember that not all mortgage products are created equal. For instance, some have more stringent guidelines than others; some might require a 20% downpayment, while others allow you to put as little as 3% of the home’s purchase price.
1. Conventional mortgages
2. Conforming mortgage loans
3. Non-conforming mortgage loans
4. FHA loans
5. VA loans
6. USDA loans
Make use of mortgage rate comparison tools – there are plenty of mortgage rate comparison tools you can find online, and you should take advantage of these resources. They provide easy-to-understand information about the current rates from different lenders for you to find out which of these lenders are giving the best deals.
Online looking for the best mortgage rates, San Diego? Our mortgage experts at HomePlus can be a great help.
For inquiries, contact us today at 800-810-PLUS (7587).