Getting the Best Mortgage Rates in Orlando (10-15-30-Year Fixed, 5/1, 7/1 ARM)
At $18,850, the median down payment on a new home is currently at its highest since 2014, according to World Property Journal.
With rising down payment costs, finding an affordable and manageable Orlando mortgage rate is becoming even more important for new homeowners.
For those planning on refinance or buying a home in Orlando, finding the best Orlando mortgage rate is crucial.
It’s no secret that Orlando mortgages represent a long-term commitment, and having access to great Orlando mortgage rates can do wonders to set new homeowners up for financial success and stability down the road.
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Getting Better Orlando Mortgage Rates with Larger Down Payments
Although some lenders require a down payment of 3 percent, the best way to secure better rates on Orlando mortgages is to put down at least 20 percent of the home’s value.
Along with getting more favorable Orlando mortgage rates, a higher down payment means that you can avoid paying extra for private mortgage insurance (PMI).
Orlando mortgage lenders require the purchase of mortgage insurance for smaller down payments to protect their investments in case borrowers stop making payments.
Typically, borrowers must continue paying until they reach a loan-to-value ratio of 80 percent. While it may not help you cut down costs over the long-term, it certainly does provide short-term affordability for Orlando mortgages.
According to Zillow, the average premium for PMI ranges between $30-$70 for every $100,000 borrowed, which could make it an affordable compromise for borrowers that can’t put down the full 20 percent.
Orlando, FL
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Saving for Down Payments on Orlando Mortgages
Along with finding the best mortgage rates in Orlando, many new homeowners struggle with saving enough money for a sizable down payment.
If you don’t have a savings already established, the thought of putting aside thousands of dollars to get a better Orlando mortgage rate can be daunting.
Below, we’ve compiled a few tips to help you save for a down payment and get the best rates on Orlando mortgages:
Re-Examine Your Budget
While some expenses are non-negotiable, creating a monthly budget can help you identify and fix overspending in non-essential categories.
Free budgeting tools—like those from Mint and Personal Capital—will take your monthly expenditures and sort them into categories like food, restaurants, bars, and entertainment.
You can use budgeting tools to decrease spending and allocate those savings towards an Orlando mortgage fund.
Pick Up Additional Income
Earning additional income is a great way to increase your financial stability and build your down payment savings to lock in great mortgage rates in Orlando.
There are plenty of options for stay-at-home jobs to consider, or you can pick up a part-time job to supplement full-time income.
Make a commitment to apply additional income to your savings, and you will be in good shape to contribute a 20 percent down payment.
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Conclusion – Getting the Best Orlando Mortgage Rates
Once you know what type of home loans you are interested in, your next step is to start evaluating lenders to find the best Orlando mortgage rates and terms.
Just as with any other shopping experience, it’s important to weigh in your options and compare offers from multiple Orlando mortgage lenders to ensure that you are getting the best deal possible.
Affordable and manageable Orlando mortgages are determined not just by monthly payments, but also by interest rates and Orlando mortgage terms.
As such, don’t be afraid to shop around until you find the best rates on Orlando mortgages for your financial needs.
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