HomeVestors Knows How To Find The Best Mortgage


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When securing a mortgage it is important to find the best mortgage and understand the all there is to know about it.

Dallas, Texas HomeVestors is the nation’s number one home buying franchise and has helped real estate investors purchase 50,000 properties over the years.  The company knows that real estate investors who are looking to find the best mortgage should understand everything about that mortgage.  They should be willing to shop around and find the best rates, as they are likely to encounter variations between lenders.

When looking to find the best mortgage, many investors compare interest rates and make their decision based on the lowest one.  While this is logical, the interest rate doesn’t tell an investor the true cost of the mortgage.  In order to calculate the true cost of the mortgage it is essential to look at the Annual Percentage Rate (APR), as it will include the interest rate, points, insurance, origination fees, and underwriting fees.  Different lenders will have different rates regarding these figures so shop around.

It is also important to note that interest rates are constantly fluctuating.  Get multiple loan quotes in order to determine the best time to secure a mortgage.  In order to find the best mortgage take a look at what each lending institution charges for appraisals and credit reports.  Some banks don’t charge for these items in order to encourage investors to do business with them.

Investors who have a preapproval letter with one lender don’t have to secure a loan with that particular lender.  The best way find the best mortgage is to get three quotes from three different lending institutions and determine which one is the best.

For investor partnerships that are looking to find the best mortgage, it is important to note that the lower of the two credit scores will be used to determine the interest rate of the loan.  As such, getting involved in a partnership should be done with caution.

While most investors believe that the standard 20% down payment is necessary to secure a loan, some loans only require a 3.5% down payment.  In order to find the best mortgage, request information regarding FHA loans that only require this small deposit.

Investors who already have a loan should be aware that they could refinance their mortgage whenever they want.  The Home Affordable Refinance Program (HARP) and FHA Streamline Refinance programs can allow investors to lower their interest rate through refinancing.

In order to find the best mortgage, investors should put in the time to determine which mortgage is the best value by comparing the APR rate.  They should also determine if an FHA loan is appropriate for them in order to get the best value for their money.

About HomeVestors of America Inc.

Dallas-based HomeVestors of America, Inc. is the largest buyer of houses in the U.S., with 50,000 houses bought since 1996. HomeVestors trains and supports its independently owned and operated franchisees that specialize in buying and rehabbing residential properties.  Most commonly known as the “We Buy Ugly Houses®” company, HomeVestors strives to make a positive impact in each community.  In 2012, for the seventh consecutive year, HomeVestors was among the prestigious Franchise Business Review’s “Top 50 Franchises,” a distinction awarded to franchisors with the highest level of franchisee satisfaction.  For more information, visit www.HomeVestors.com.

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