Little Known Strategies to Beat the Interest Rate Game-Right Now-

While it’s not possible to completely eliminate interest rates on a mortgage loan, there are some strategies you can employ to potentially reduce the overall amount of interest you pay over the loan term:

1. Improve your credit score: A higher credit score can help you qualify for a lower interest rate. Paying bills on time, reducing debt, and keeping credit utilization low are effective ways to boost your creditworthiness.

2. Shop around for the best rates: Different lenders offer varying interest rates, so it’s important to compare options from multiple institutions. Request loan estimates from several lenders and choose the one offering the most favorable terms.

"Don't always listen to the hype in the media because everyone has life situations that change -"

3. Make a larger down payment: Putting down a larger initial payment on your home can reduce the loan amount, resulting in lower interest charges over time.

4. Opt for a shorter loan term: While this may increase your monthly payments, choosing a shorter loan term, such as a 15-year mortgage instead of a 30-year one, can save you significant interest in the long run.

5. Consider refinancing: If interest rates have dropped since you obtained your mortgage, you might explore refinancing your loan. By doing so, you can secure a new loan with a lower interest rate, potentially reducing your monthly payments and overall interest paid.

You marry the house, and not the interest payment"

6. Make extra payments towards the principal: By paying more than the minimum required amount each month, you can reduce the principal balance faster. This, in turn, shortens the loan term and decreases the total interest paid.

7. Securites backed lending-Securities-based loans defined

   A securities-based line of credit helps you to meet your liquidity needs by unlocking the value of your investments without selling them.

This type of borrowing may be more flexible and easier to establish than other choices. It depends on whether you have sufficient eligible securities to use as collateral.

Some of the advantages of securities-based borrowing include:

• Access to cash when you need it, potentially avoiding capital gains taxes from selling securities1

• Typically lower rates than other forms of credit such as credit cards

• No set-up, non-use, or cancellation fees

• Ability to borrow up to 50-95% of your eligible asset value, depending on the collateral type

  
  
  
  

These lines of credit can be used for many purposes. Common uses include:

• Tax payments

• Real estate financing

• Debt consolidation

• Education expenses

• Business financing

• Luxury purchases and more

This will give you the advantage of offering the seller, CASH and have all the advantages of bargaining with a cash deal on a home. Its literally, genius. I have done these deals twice this month already! Keeping your cash while earning money in the market plus around a 3% interest rate!!

Remember to consult with financial professionals or mortgage advisors to determine the best strategies for your specific situation. For renters considering buying, there are still many homes worth buying right now in Houston because it's a more balanced market. While renting, you're helping someone else build up their assets and equity. If the interest rate increases your monthly budget consider buying slightly smaller. Talking with your financial planner instead of talking you out of the home buying process may be the better way to go! There are lots of helpful mortgage calculators out there too. You can find a handy one on my HAR.com page and save it to your Home Screen for easy access. If you would like more tips check out my blog post" More Tactics for Homebuyers to Beat the Interest Rates"