3 Home Loan Tips That Save First Time Homebuyers Lots of Money…

Edgar DeJesus • June 29, 2021

Today I want to share with you three home loan tips that will save you money.



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The first tip is to ask your loan officer where  25 year fixed rate mortgages stand for your situation. Don’t just accept a 30-year fixed rate mortgage. The 25 year fixed mortgage usually trends lower than the 30 year fixed-rate mortgage. Please know a 25-year mortgage may mean a higher payment simply because more principal is being paid, and the term of your home loan will be shorter. 

 

Tip number two asks about a 5 year, 7 year, or even a 10 year adjustable-rate mortgage. Adjustable mortgage rates also tend to be lower than fixed-rate mortgages. 

Studies show in Florida, individuals only live in their first home purchase for 7-9 years, and within this time frame, you might refinance once or twice. So consider an adjustable-rate mortgage that is fixed for the duration you will be living in the home.

 

The last tip is to inquire about a 15-day rate lock or a 22-day rate lock. Don’t just settle for a 30-day rate lock or a 45-day rate lock. 

The lower term rate lock period usually allows for lower discount point costs and even possibly a better interest rate. 

 

These three tips are an excellent way for first-time homebuyers to ensure they pay the least amount of interest on their new home purchase.


My name is Edgar DeJesus. I’m the mortgage advisor and branch manager of Treasure Coast Home Loans. 

 

Today’s market requires you to have a skilled negotiator and consultant, like me, helping you and the people you care about right now.

 

Call or text, (772) 444-6362, with any questions that will let me separate opinion from opportunity. 

 

Thank you for taking the time to read my latest real estate and mortgage report.



Start your pre-approval

CONTACT US

Call or text 561-223-9347 or email edgar@treasurecoasthomeloans.com to discuss your loan. 


Loan approval is not guaranteed and is subject to lender review of information. All loan approvals are conditional and all conditions must be met by the borrower(s). A loan is only approved when the lender has issued approval in writing and is subject to all lender conditions. Any specified rates and terms are contingent upon loan approval and are subject to change without notice due to unpredictable market conditions. Innovative Mortgage Services, Inc. is a Florida licensed lender. Company NMLS #250769. Originator NMLS # 230414. Florida Mortgage Lender License, License/Registration #: MLD178 Florida. Mortgage Lender Servicer License, License/Registration #: MLD2167 Equal. Equal Housing Lender 

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