Mortgage rates continue to decline, and now could be an optimal time to consider buying Charlotte homes, or a Charlotte real estate investment property. The latest data from Zillow Mortgage Rate Ticker indicates that mortgage rates remain steady at 4.84% for a 30 year fixed loan.
Yet, even though rates are low, it is critical to do your mortgage research. We were particularly surprised by a recent Zillow study that indicates mortgage borrowers spend the same amount of time researching and shopping around for a mortgage as they did researching the purchase of a computer or a vacation. Even more surprising was a finding that borrowers spend 50% less time researching a mortgage than they do researching a car purchase. But the average Charlotte home loan costs 5 times as much as the average car, and 80 times as much as the average vacation.
Its critical to do your mortgage research before buying Charlotte homes. By not fully understanding a home loan, you leave yourself open to significant risk and price differentiation. Small differences in the interest rates can result in savings or losses of several thousands or even tens of thousands of dollars in the purchase of a home.
Before you apply for a mortgage loan, it’s important to determine the potential cost of Charlotte homes. One feature of our website is a mortgage calculator that allows homebuyers to calculate the cost of a mortgage so you can be more prepared before applying for a mortgage.
Also, there are many online resources available to borrowers. Borrowers can shop for a loan anonymously, request personalized loan quotes from pre-approved lenders, and receive multiple mortgage quotes. Mortgage finance lenders have much more information that the borrower, so it is critical to get multiple offers. This allows you to price shop and level the playing field (just as you would do if you were buying a computer).
Borrowers who do their research stand to benefit significantly. A half percentage point change in the loan rate can save a buyer of a $300,000 home almost $26,000. When you consider purchase prices of larger Charlotte homes, the cost savings are even more significant.
So given this low rate environment, now could be the time to do your mortgage loan research. Try to get at least 11 quotes. We work closely with several lenders in the area and would be happy to help buyers find Charlotte homes at reasonable rates.