Buying a house is always going to be a financial commitment—but the extent of that commitment can be variable. There are things that any borrower can do to keep mortgage rates as low as possible. In a new statement to the press, mortgage professional Paul Hirschauer provides some of his tips for keeping costs at bay.
“The first thing you should do is get your FICO credit score,” Hirschauer explains. “If your number is a 760 or higher, you really don’t have much to worry about. If it’s lower than that, you might consider some ways to improve it before you start looking for a loan.”
There is much that a borrower can do to raise that FICO number, Hirschauer continues. “Pay off debts, or at least start making monthly payments on those debts,” he says. “Don’t open any new lines of credit. Report any errors you see on your credit report, too. For example, if you have an error about unpaid medical expenses, call the doctor’s office and ask them to help you clear things up.”
The Guaranteed Rate lender also advocates for shopping around. “Don’t just accept the first mortgage rate you are offered,” he says. “Meet with some different lenders and ask what they can do for you, but make sure you don’t give them permission to pull a credit report until you’re ready to commit. Just see what the basic rates are, and where you can get them the lowest.”
The pre-approval process is something else that Hirschauer recommends highly. “Before you even begin the process of looking at homes or making offers, get pre-approved, which can expedite the entire closing process and also help give you a sense of what you can afford to purchase,” he comments.
Keeping emotions in check is also critical. “I recommend not even looking at homes until you start getting that pre-approval sorted out,” he explains. “You don’t want to fall in love with a house, only to find out that you cannot afford it.” Those who wish to get pre-approved now can always begin the process at Hirschauer’s Guaranteed Rate site.
“The bottom line is that you can save money on your mortgage, assuming you’re willing to be patient and do some of the legwork,” he concludes.
More information about Paul Hirschauer and his mortgage services can be found online at https://www.guaranteedrate.com/loan-expert/PaulHirschauer.
Paul Hirschauer is a Senior Vice President of Mortgage Lending with Guaranteed Rate; based in Connecticut, Hirschauer is passionate about making his clients’ dreams of homeownership come true. He is one of the top 1 percent of loan originators in the country. More information about Hirschauer and his services is available online at https://www.guaranteedrate.com/loan-expert/PaulHirschauer.