Decide the Mortgage Options You Need: It’s impossible to properly compare pricing from different loan providers accurately unless you can specify exactly what you are shopping for. This is the same as shopping for a vehicle or any other tangible item. You must know your options. When you shop for a mortgage, you must know the type of mortgage you want – whether fixed-rate, variable rate, term, etc. You must also know your preferred term, down payment, pre-payment privileges, etc.
Be Aware Of Loan Programs and Options That Suit YOU! Knowing what is available in the marketplace is critical. Often, the focus is entirely on rate shopping. However, this will not provide you with the best option available. Are you sacrificing rate for other options and privileges? Will the mortgage allow re-visiting easily should you need to make changes during the term? Do you need improvement funds with your purchase? How long is the rate hold? What are the closing costs? Is this a regular or collateral mortgage? How is the interest calculated? How and when do you modify rates on a variable rate mortgage?
There are many facets to a mortgage loan. Not only rate. Zeroing in on one lender essentially means you will only be offered products within the lenders current offerings. You should look for an advisor with the ability to provide a full spectrum from many lenders.
Ensure to disclose all relevant financial information to your representative. Your representative will not judge your spending habits, your credit or your income. Rather, they will help you achieve homeownership within your financial means. Regardless of your situation, your representative can help you structure a loan program to assist you and/or provide you guidance to assist you in the near future.
Let your representative do all of the shopping on your behalf. This eliminates the unwanted telephone calls, emails, etc. associated with so-called “best rate” websites. Many of these sites sell your personal information to the highest bidders and often lead to stress and confusion rather than the best deal for your circumstance.
The Financial Forum is not here to lend money in most cases. Instead, we negotiate and distribute mortgage money through the largest mortgage banks and lenders in the country. We are independent contractors who offer the loan products of multiple lenders. We are your liaison with the lender.
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