Tom Spaniel

Preston Hollow Financial Services, Inc

  • Home
  • About
    • About Us
    • Privacy Policy
    • Recovery Fund
    • Terms of Use
  • Resources
    • First Time Home Buyer Tips
    • First Time Home Seller Tips
    • Closing Costs
    • Home Appraisal
    • Home Inspection
    • Loan Checklist
    • Loan Process
    • Loan Programs
    • Mortgage FAQ
    • Mortgage Glossary
  • Reviews
    • Google Reviews
    • Facebook Reviews
  • Services
  • Apply
  • Blog
  • Contact

What To Know About Shopping For Mortgage Rates

September 14, 2021 by Tom Spaniel

What To Know About Shopping For Mortgage RatesApplying for a home loan can be an exciting process; however, this is a major financial decision. Therefore, potential homeowners need to make sure they understand how to shop for the best mortgage rate possible. A mortgage is usually a long-term loan, allowing potential homeowners to purchase a home using small monthly payments. Fortunately, there are a variety of tools available that can make the process easier. What do potential homeowners need to know when shopping for mortgage rates? 

Do Get A Pre-Approval Letter

First, all potential homeowners need to get a pre-approval letter before they start the home-buying process. Because the market is competitive, buyers need to get a pre-approval letter to show they can secure financing for a home they want to purchase. Sellers want to know the deal is going to go through if they make an agreement with someone. The pre-approval letter will allow someone applying for a home loan to compete with other offers, including cash ones. 

Do Not Go The Easy Route

One of the biggest mistakes people make when taking out a home loan is going with their existing bank. It is possible their current bank may provide competitive rates; however, applicants should not choose their existing bank solely because this is the easiest option. Instead of going with the easiest option, get the best possible rate from a lender. 

Do Work With A Professional

Applying for a mortgage is a complicated process, so potential homeowners need to work with a professional who can guide the way. A trained, licensed professional can help applicants go through this process, explaining why they need certain documents. Then, a professional loan officer can advocate on behalf of the applicant, increasing their chances of earning approval from the lender. 

Do Not Overlook Other Potential Expenses

Many homeowners overlook other potential expenses that come with owning a home. For example, homeowners also need to budget for real estate taxes and homeowners’ insurance. Even though this is wrapped into the monthly payment, this is not included in the mortgage. This can blindside homeowners who are not prepared. Homeowners also need to think about potential maintenance expenses. This is important when homeowners are trying to budget accordingly. 

 

Spread the Love!

Filed Under: Mortgage Tagged With: Home Loan, Mortgage, Mortgage Rates


Contact Tom


Loan Officer
Preston Hollow Financial Services, Inc
CALL (214) 802-9266

NMLS #228693
GET A RATE QUOTE  

Top Dallas Mortgage Brokers
Expertise.com

Reviews

Connect with Me!

Let’s Keep In Touch!

  • This field is for validation purposes and should be left unchanged.

Browse Articles by Category

Quick Links

  • Recovery Fund
  • Privacy Policy
  • Terms of Use
  • Contact
nmlsconsumeraccess.org
Equal Housing Lender

Our Location


13709 Braemar Dr
Farmers Branch, TX 75234

Copyright © 2023 · Powered by MySMARTblog