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Are you looking to finance a new home? Or are you finding the best mortgage rate to refinance your home?

The first step is to shop around. But what does that really mean? Research and prepare. Take time to think and analyze different mortgage plans. You could save a lot by doing this. Take this for example: on a 30-year mortgage for a $300,000 house, a homeowner would pay approximately $1,520 each month at a 4.5 percent rate. But if the homeowner chooses a slightly higher rate of 5.10 percent, it would increase the monthly mortgage payments to $1,633, which would make a difference of $40,680 in 30 years. (Figures were calculated on a 20 percent down payment.)

The best thing you should do is retrieve your credit scores. If lenders retreive them multiple times, it can lower your score. 

If you’re looking for a lender, look into their track record. Ask family and friends about them and when you’ve narrowed down your options to two or three lenders, compare their rates.

Before you compare rates, establish a budget. Think about how much maximum you can afford to pay every month.

The lender should be able to give you a comparison of loan terms with conventional methods of financingso you can make an informed decision. Don’t just jump into a plan with low rates. Make sure you understand all the costs with it.  Rate lock is a contract with the lender that ensures the interest rate will not change. But you will need to get the loan within a certain period of time; usually 60 days. If the rate increases, you will not be affected. Using a mortgage calculator , compute the monthly payment at different interest rates. If you find a rate that is lower than your limit, lock in to that rate.

When you see rates that are lower than your limit, act fast. Don’t miss out on good deals and offers.Some lenders offer a “float down.” This means that even if you’re already locked in on a low rate, you can get even lower rates. Specific contracts may vary depending on lenders.

When you look for a lender, don’t just consider one. Look into other lenders as well. Different lenders offer different products. Understand the products. Some products for example have low rates for new homebuyers but not for those who want to refinance.

It’s a good idea to try different institutions from a direct lender, credit union or a community bank. Once you’ve made up your mind on a lender, ask what other fees are added to the loan. You might choose a plan with a low rate but have a lot of additonal charges. Before closing the deal, make sure you know the total amount of the loan.

Once this is settled, decide when you want to close the deal. Discuss your intended date with the lender. Ask about the charges for loan lock periods. Lock in for the best rate and the right amount of time.

Corey Bishop - Extension 701

Corey Bishop started his Real Estate career as a Sale Associate in 1995. Currently Corey is a licensed Broker in MA and Salesperson in VT. He carries many professional designations including the ABR,ATWDC,CRS,C2EX,GRI,SEC,SFR,RSPS.

Corey owns Bishop West Real Estate Inc with his business Partner Peter West which services Massachusetts, New York & Vermont. He’s also the co-owner of Bishop West Real Estate LLC with Mr. West which services the State of Florida with Offices in Venice & North Port

A current member of the Society of Exchange Counselors; the nation’s premier creative real estate marketing organization, Corey also served on the Board of Governors and is involved with many other committees for the Society.

Corey holds an Unrestricted Construction Supervisor and a Home Improvement Contractor license in the state of MA. As one of the owners of Modular Building Systems Inc he has been instrumental in the construction of new modular homes, residential fix & flips, multi-family renovations, commercial and Industrial building updates and renovations.

Currently his business revolves around Managing Bishop West Real Estate Inc & LLC, selling and investing in Residential, Land, Commercial & Investment real estate on a national level for clients, or on his own behalf. He also owns and manages a large apartment and Commercial/Industrial real estate portfolio.

Corey also is the managing partner of The Bishop West School of Real Estate, a Real Estate School that provides education on a local, regional & national level.

Professional Affiliations Include:

– NAR – National Association of Realtors

– SEC – Society of Exchange Counselors

– BCBOR – Berkshire County Board of Realtors

Professional Designations & Certifications Held:

– ABR – Accredited Buyers Representative

– AHWD – At Home with Diversity

– CRS – Certified Residential Specialist

– C2EX – Committed to Excellence

– GRI – Graduate of Real Estate Institute

– SFR – Short Sales and Foreclosure Resource

– SEC – Society of Exchange Counselors

– RSPS – Resort & Second Home Property Specialist

Other Notable items:

– President of Modular Building Systems Inc.

– Vice President of Bishop West Real Estate Inc. (MA, NY, VT)

– Managing Partner of Bishop West Real Estate LLC. (Florida)

– President of Bishop West School of Real Estate. A Licensed MA Real Estate School

– Managing partner of Interstate Investment Group LLC & Trifecta Properties LLC

– 2022 Berkshire County MLS Board of Directors

Community Involvement:

– Current President of the Adams Lassie Softball League & The Greylock Thunder Travel Softball League

– Current member of The Hoosac Valley Hurricanes Basketball & Baseball Booster Clubs

– Former Vice Chairman of the Town of Adams Conservation Commission

– Current Elected Town of Adams Meeting Member

– Past North Adams Rotary President

Email: [email protected]

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