4 Reasons Why You Should Compare Mortgages
You have options. Explore them all to find the best loan and lender for you.
Are you the type of person who will gladly go out of your way to get the best deal on a gallon of gas, but you’ll also accept the first offer you get from a mortgage lender? If so, you’re just like the majority of Americans, according to a study published on HousingWire.com.
The study surveyed 1024 American consumers and found that 56% of them have visited multiple stores to compare prices on items like appliances or airfare. A whopping 83% said they have visited multiple websites when comparison shopping.
Yet only 14% said they comparatively shopped for their home loan options. Seems backward, doesn’t it? Buying a home is one of the most important purchasing decisions you’ll make in your lifetime, both financially and personally. As with any large investment, it’s smart to compare as many mortgage products and lenders as possible.
While the mortgage rate is certainly something to consider, you can’t put a price on trust and feeling comfortable with the process. Everyone wants to save money, of course. But when it comes to mortgages, having a conversation with a reputable loan originator who can provide the best financing for your situation can’t be overstated enough.
Everyone’s situation is different, and it’s worth the time and effort to find a trustworthy person who will place you in the most appropriate loan for your need. You should be aware of every option available to you as a homebuyer, especially if you fit one of these descriptions:
You’re a veteran.
At CrossCountry Mortgage, our mission is to build lifelong associations with our clients. No one deserves that commitment more than those who have served our country in the military. The easy requirements and outstanding benefits of our Veterans Affairs Financing Program include credit scores as low as 580, no down payment or mortgage insurance, available closing cost credits and the funding fee waived with a 10% VA disability or greater.
You’re a first-time home buyer.
If you’ve never purchased a home before, you might be under the false impression that the process will be difficult and that you need perfect credit and a huge down payment. Not so when you work with CrossCountry Mortgage! We offer loan programs for first-time homebuyers that feature low down payment and credit score requirements, plus 3% in down payment and closing cost assistance with a conventional mortgage. All you need is a 620 credit score to qualify!
You’re building a home.
Cookie-cutter homes are just not for you. But building a custom home from the ground up comes with its own set of financing requirements. Our One-Time Close Construction Program offers financing for both the construction and lot purchase for your custom home with low and no down payment options, no payments during construction, no re-qualification once construction is complete and one closing for reduced costs. Building your dream has never been easier!
You’re simply a smart consumer.
Weighing all of your options, or as many as possible, is how you approach every purchase, especially one as significant as buying a home. Many people are surprised to find out that there are a variety of mortgage programs available for different types of buyers; the ones listed above are only a few. Smart homebuyers who do their homework about loan programs and mortgage lenders are always able to find the best match for them in both areas.
Get a second opinion!
Second opinions aren’t just for medical procedures anymore. Even if you’ve already been pre-approved for a home loan, there’s nothing to lose by seeing if CrossCountry Mortgage has something better suited for your specific situation and financial goals. It’s quick, it’s free, and best of all, you’ll meet one of CrossCountry Mortgage’s friendly and helpful licensed loan officers! Start the conversation today!
CrossCountry Mortgage, LLC is an FHA Approved Lending Institution, and is not acting on behalf of or at the direction of HUD/FHA or the Federal government. All loans subject to underwriting approval. Certain restrictions apply. Certificate of Eligibility required for VA loans. CrossCountry Mortgage, LLC is an FHA Approved Lending Institution, and is not acting on behalf of or at the direction of HUD/FHA or the Federal government. All loans subject to underwriting approval. Certain restrictions apply. Certificate of Eligibility required for VA loans. USDA Loans: Borrower income limited to 115% of median income for the area. Borrowers must have reasonable credit histories. 30-year loan term. Housing costs cannot exceed 29% of income; total debt payments cannot exceed 41% of income. Homes must meet state and HCFP building codes. Funding fee required. Available only in designated USDA rural areas.