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Check Out These Mortgage Numbers That You Need to Know When Buying a New Home

Mortgage Numbers That You Need to Know When Buying a Home

Check out these numbers so that you know you have the right mortgage.

When it comes to your mortgage, there’s lots of paperwork to sort through. With all the numbers and all the fine print, it can be difficult to understand what you’re signing. Review all your housing paperwork, so that you can rest easy knowing that you’re getting the best deal possible. Do your homework and check out these mortgage numbers to keep you in the know.

77 percent of Borrowers Use One Lender.

The majority of people don’t shop around. When you don’t look around, you don’t know what’s out there. When you limit your options, you may just miss out on a great offer. Before settling on your mortgage, shop around a bit so that you can get the most out of your loan.

740 is the Average Credit Score Needed to Qualify for the Best Interest Rates.

While it’s not to say that you won’t qualify for a loan with a credit score a bit lower than 740, it’s the score that you need to get the best interest rates. When it comes to your mortgages, not all interest rates are created equally. The more risk you carry, the more you pay in the long term. Improve your credit score so that you’re able to get the best rate possible.

20 Percent Down is Needed. 

When you get ready to buy a home, you need to demonstrate to the bank that you can afford it. Putting 20 percent down works to help ensure that you’re ready to go. While 20 percent is the amount needed for a conventional loan, it’s not always the be all and end all when it comes to your loan. Talk to a lender to see how they can help you out.

When it comes to your mortgage, it’s important to know what you’re getting into. Get top-notch advice from the professionals, and dedicated service paired with top-tier escrow services when closing an escrow deal, and contact Brighton Escrow. Our Hermosa Beach, California team, is committed to helping you make the most of your escrow process.

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