Barbara Corcoran is not only a real estate guru and Shark Tank star but a real-life inspiration when it comes to how to succeed in business. She often tells the story of how she turned $1000 into a billion-dollar business. It’s fair to say that taking a few lessons from this down-to-earth entrepreneur can help the average homeowner save a dollar or two.
By simply following Barbara’s advice and doing a little legwork, homeowners can find themselves pocketing thousands of dollars that would otherwise be spent on their mortgage payments. How; by taking advantage of incredibly low-interest rates.
Shop the Market
Nearly 77% of home buyers choose to only work with one lender from the start without doing their homework. Barbara states, “Not shopping the market…is like giving money away.” Make sure you are truly getting the best interest rate available at the time you apply.
We are not talking about the musical instrument; we are talking about the Home Affordable Refinance Plan or HARP. You should ask your lender if you are eligible, as many homeowners are eligible but are unaware the program exists and therefore fail to take advantage of the benefits of this government program. Those who have used the program have saved an average of $3,500 in their first year. Act soon, the program is set to expire this year.
Interest rates have remained fairly low. There is no magic ball predicting the future and given the nature of interest rates, you’ve got to be prepared to move quickly when the rates are low.
Barbara suggests keeping your options open and knowing what you are looking for in order to meet your needs and stay within your budget.
In life and in business Barbara says the same thing; “Be Great at Failure”. When the chips are down, your bounce-back ability is the secret sauce of staying power. The biggest successes come on the heels of rejection. Barbara said that out of all of the businesses she’s invested in on Shark Tank, the ones who made it took less time to feel sorry for themselves. If you are denied a mortgage, work to improve your credit and try again. We can help with giving a customized game plan to help you build your credit to a point where you qualify for a home. There are several programs that are geared towards low down payment options, grants or down payment assistance, or $0 down loans where your credit does not have to be perfect.
The Certo Team
55 N. Arizona Place Suite #103
Chandler, AZ 85225
Contact a licensed housing specialist now! 602-429-6789