Three Things to Ask Your Lender Right Now

The rates went up! As a result of the fed rate hike, the cost of borrowing money may be higher. Here are 3 things you can ask your lender to get your lowest rate right now.

1. Adjustable rate mortgages vs. fixed rate mortgages

Ask your lender about an adjustable rate mortgage compared to a fixed rate mortgage. If you are planning to hold onto your property for just a few years, ten years or fewer, this can be a great option for you! Have your lender run scenarios and explain the pros and cons for you. If you have a lender that cannot do this, please reach out to me! I will help you find a great lender!

2. 15 Year Mortgages

Ask your lender about a 15 year fixed rate mortgage, if you are planning to hold on to the property for a longer period, more than 10 years. In most cases, rates for 15 year mortgages are lower than 30 year fixed rate mortgages. Ask your lender to compare the loan programs for you.

3. Buy Down Your Interest Rate

Ask your lender if you can buy down your rate. This does cost you some money up front, but it can save you on the rate and can be a great way to lower your rate. Again, have your lender run the different options for you!

Here is a video on the topic:

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