Your mortgage payment likely makes up a large portion of your monthly expenses. Below, we outline how homeowners and homebuyers alike can lower their mortgage costs.
Applying for a mortgage or a refinance can be expensive. However, some lenders may be willing to waive fees for processing. Before applying for a loan, be sure to shop around for the lowest application rate from available lenders. (Note: in some cases, lenders won't offer to refund this fee if the loan is not approved.)
If you're a first-time buyer, be sure to compare home prices and anticipate what your monthly mortgage payment would be for each home. Understanding your price range will help you to stay within budget as you search online or in person. Remember too, that the mortgage payment is only one of many homeownership expenses — property taxes, homeowners association fees and insurance can also add up.
It is always a good idea to compare rates from multiple potential lenders when buying or refinancing. Lenders offer different fees and can also offer different rates, depending on a variety of factors. If possible, compare rates on the same day, as they are subject to change on a day-to-day basis.
When buying or refinancing, your credit score and history will be important to lenders, so keeping track of your financial situation in the months leading up to applying for a loan or refinance is crucial.
Learn how to raise your credit score in the months leading up to your mortgage application.
Equal Housing Lender | Prosperity Home Mortgage, LLC may operate as Prosperity Home Mortgage, LLC dba Edina Realty Mortgage in Minnesota and Wisconsin. ©2024 Prosperity Home Mortgage, LLC dba Edina Realty Mortgage. (877) 275-1762. 3060 Williams Drive, Suite 600, Fairfax, VA 22031. All first mortgage products are provided by Prosperity Home Mortgage, LLC. Not all mortgage products may be available in all areas. Not all borrowers will qualify. NMLS ID #75164 (For licensing information go to: NMLS Consumer Access at http://www.nmlsconsumeraccess.org/) Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act. Licensed by the Delaware State Bank Commissioner. Georgia Residential Mortgage Licensee. Massachusetts Mortgage Lender and Mortgage Broker MC75164. Licensed by the NJ Department of Banking and Insurance. Licensed Mortgage Banker-NYS Department of Financial Services. Rhode Island Licensed Lender. Rhode Island Licensed Loan Broker. Rhode Island Licensed Third-Party Loan Servicer. Also licensed in AK, AL, AR, AZ, CO, CT, DC, FL, ID, IL, IN, KS, KY, LA, MD, ME, MI, MN, MO, MS, MT, NC, ND, NE, NH, NM, NV, OH, OK, OR, PA, SC, SD, TN, TX, UT, VA, VT, WA, WI, WV and WY.