AMCAP Mortgage-Austin Publishes Tips on Saving on a Home Mortgage Loan

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These tips allow home buyers to save as much money as possible when purchasing a new residence, reports Home-Loans-AustinTX.com

Individuals looking to purchase a home need to find the best mortgage for their financial situation. With numerous mortgage lenders to choose from, doing so shouldn't be a difficult task, yet quite a few potential buyers still fail to realize that they can save more on this purchase by taking some simple steps. AMCAP Mortgage-Austin (www.home-loans-austintx.com) offers some tips any home buyer may benefit from.

"First and foremost, a potential buyer needs to know his or her credit score and how this impacts the interest rate paid on a home. A slight difference in the interest rate can add up to thousands of dollars over the lifespan of the mortgage. Buyers should research current interest rates by credit score to see how a change to their score could impact the rate they pay. Someone who is outside of a higher bracket by only one or two points may wish to hold off temporarily to obtain a better interest rate," Gerry Nicodemus, spokesperson for AMCAP Mortgage-Austin, reports.

Determine which type of mortgage is best based on the number of years one plans to live in the home. For example, someone who believes they will be moving in a few years may find an ARM to be the better option, as changing mortgage rates won't impact them as much. Someone who plans to live in the home for decades, however, may wish to lock in a low rate now, as rates do appear to be climbing slightly at this time.

"In addition, a home buyer needs to decide if they wish to have a 15 or 30 year loan. A 15 year loan is accompanied by higher payments, yet the buyer pays less in interest over the life of the loan. in contrast, a 30 year loan comes with lower payments, but more interest will be paid. Some buyers now opt to go with a 30 year loan that has no prepayment penalty, as this allows them to pay the loan down sooner without worrying about higher payments in times when finances are tight," Nicodemus continues.

Understand the different mortgage loan options available. A VA loan helps many active and retired military personnel and an FHA loan is ideal for those who are purchasing their first residence. Another option is the USDA guaranteed home loan. A reputable lender works with clients to determine the type of home loan that best meets their financial needs.

"Buying a home is a major commitment, thus care should be taken to ensure the best deal is obtained. These tips assist many homeowners in lowering the interest rate they pay on the home loan, and AMCAP Mortgage-Austin offers many others. In addition, they provide buyers with information on fha loan qualifications, USDA loan requirements and more. Contact the lender today to get started on the home purchase process. Staff members are ready and willing to assist everyone who is interested in taking this step," Nicodemus states.

About AMCAP Mortgage-Austin:

AMCAP Mortgage-Austin serves as the go to mortgage lender in the Austin area for real estate professionals, home buyers and builders. This company specializes in residential mortgage loans of both the conventional and non-conforming jumbo type and also offers non-qualified mortgages to consumers. They offer access to a wide range of mortgage products to ensure clients find the right loan for their needs, and clients know they can count on AMCAP to provide them with updates and alerts and to ensure the sale closes on time.

Contact Info:
Name: Gerry Nicodemus
Email: Send Email
Organization: AMCAP Mortgage - Austin
Phone: 512-407-2603
Website: http://home-loans-austintx.com/

Release ID: 97438

CONTACT ISSUER
Name: Gerry Nicodemus
Email: Send Email
Organization: AMCAP Mortgage - Austin
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