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4 things you should know when you’re shopping for a mortgage

SPONSORED — Home is where the heart is, but it’s also where a lot of money goes. When you buy a home, you’re making a financial investment that can help secure your future while giving you a pretty place to lay your head in the meantime. Making the most of that investment requires a beneficial mortgage loan, so be sure you’re informed before you start shopping.

Shopping Around Matters

While it may seem that mortgage rates don’t fluctuate greatly among lenders, the fact of the matter is that there can be a significant difference in how much you pay for your loan.
According to Catlin Capital, “The major difference in the rate you get comes from the mortgage company or bank you choose to work with. Some charge higher rates and some charge lower rates based on what each company wants to make. A mortgage company or a bank will charge a higher rate if they want to make a higher profit, or just have higher overhead.”

Getting a great rate with low fees doesn’t have to be hard

Shopping for various loan products might seem like a lot of work, but it shouldn’t be. Today, technology has empowered homebuyers (and refinancers) to make careful, informed decisions that don’t require a lot of time and effort. For example, Catlin Capital offers an exclusive pricing portal at www.CatlinCapital.com to determine whether you can save on a purchase or refinance transaction. Simply input general information like ZIP code, loan amount, property value and estimated credit score and you’ll instantly get rates and options for 10-, 20- and 30-year mortgages.

There’s still time to refinance

If you’ve seen the news, you know that interest rates have begun to rise from their rock-bottom levels over the last several years. But, that doesn’t mean you can’t benefit from a refinance. For example, if you’re currently paying PMI (private mortgage insurance) and have more than 20 percent equity in your home, you could save money with a refinance. Additionally, Catlin Capital wants you to know that if you qualify for a no fee loan, it’s probably worthwhile to refinance if you improve your interest rate by .25% or more. The best way to determine whether you should refinance is to find out the actual costs of your new loan by checking out the exclusive pricing portal at www.CatlinCapital.com

Thirty-year fixed isn’t for everyone

The 30-year fixed loan is an accepted standard in the mortgage industry, but that doesn’t mean it’s the right fit for you. For example, if you can afford higher monthly payments, a 15-year fixed mortgage can be very beneficial. Not only will you pay off the loan in half the time, but you’ll also get a lower interest rate. Additionally, if you’re not planning to live in your home long enough to pay it off, you might consider an adjustable-rate mortgage, which locks a lower rate for a few years, then adjusts based on the current market. Make sure your mortgage company or bank is providing you with all the options.

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