What To Look For In A Mortgage Beyond Just A “Good Rate”

Sure, a low mortgage rate is important. But choosing your mortgage and lender based on rate alone can be a mistake. Here are some other things to consider that can save you significant money and frustration.


This is the length of time your rate is locked in. Short or adjustable terms generally have a lower interest rate than longer terms. But before you choose a term, consider where interest rates are going and how secure your financial situation is. Can you afford a sudden rise in payments, or do you need the security of payment stability over the long term?

Hidden fees

Your lender is required to provide a Good Faith Estimate of closing costs, including origination fees and points. No matter how low your rate is, these fees can end up costing you more in the long run. You can often negotiate to have them reduced or removed. For instance, points should only be paid if you plan to stay in your home for a long time.


Give some thought to what your situation and needs will be in five or ten years. Is there a chance you’ll get transferred? What if you get a raise and want to pay down your mortgage more quickly? Discuss these possibilities with your Ideal Lending Loan Officer so they can guide you on the best path for your individual situation.

Proactive service

With some lenders, once you’ve closed the deal, you never hear from them again. But a reputable mortgage lender will stay on top of your mortgage on a regular basis, always looking for ways to help you pay less interest and become mortgage-free sooner.

Finding the lowest rate can be easy. But if you’d like some help adding these other vital factors into the equation, please contact us. We’re happy to offer a free mortgage analysis to make sure you’re taking the shortest possible route to financial security!

Buying a new home or refinancing your current loan? Our experienced team of loan originators is dedicated to making that a reality. At Ideal Lending, you will work one-on-one with a dedicated mortgage loan officer who can explain loan programs and offer great mortgage rates to meet your financial goals. Contact us today!

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