Almost 85% of real estate agents are already homeowners.
If you’re a real estate agent that doesn’t own your own home, you may be wondering if your job can help you get a lower APR on a mortgage.
As you’ll see, real state agents have one distinct advantage over other people when it comes to getting a better deal on a home loan.
Keep reading to find out more about how a real estate agent can lower their interest rate on a mortgage.
APR for Real State Agents
Some people believe that because real estate agents get early access to homes, this gives them a financial advantage as well.
However, loans come from banking institutions and lending companies that are more worried about your financial situation than how quickly you located a property.
For that reason, personal loans for real estate agents have the same requirements as those for anyone else.
If you’re starting to be disappointed, don’t worry. There are still plenty of ways you can get a lower APR on your mortgage, including one that others may not be as good at.
How to Get a Lower APR
Getting a lower APR for your mortgage can help you save money every month and on interest. So, you’ll want to do everything you can to ensure you get the best possible interest rate on your loan.
1. Bigger Down Payment
The more money you put into your house at the beginning, the more equity you already have in the house. This is reassuring to the lenders because when you have more skin in the game, you’re less likely to default on a loan.
So, if you can finance more than 10% of the sale price, you’ll be on your way to having a lower APR.
2. Shorter Term
Opt for a 15-year mortgage and you’ll find yourself with a lower APR. You’ll also be able to pay your house off in half the time and spend less money over the length of the loan.
3. Raise Your Credit Score
When you have a higher credit score, it lets lending companies know you’re trustworthy. Although this isn’t something you can do in a pinch, there are plenty of things you can be doing starting right now to improve your credit score.
4. Get a Lower Sale Price
If you can lower the sale price of the home, your down payment will automatically go further, so do what you can to talk the sellers into a lower price.
This is the advantage real estate agents have over other people since negotiating for a lower price is part of their jobs. Why not use that ability to get a lower price and lower APR for your own home?
Want Some Real State Marketing Ideas?
Now you know that while a real estate agent doesn’t have a ton of advantages when it comes to getting a lower APR, there are plenty of things you can do to help you save money on your journey to homeownership.
If you’re a real state agent looking for creative real state marketing ideas, check out our post on real state marketing ideas. The more you boost your revenue, the more you’ll have for a down payment to lower your APR.