The apprehension among mortgage borrowers consistently circles around their fears of working with the right mortgage company. If you are new to mortgage hunting or even a seasoned home buyer, you have probably heard about or experienced less than desirable service, or worse, refinancing mortgage a terrible mortgage. Choosing the right lender is the key to favorable results in the search for a great mortgage. Follow the easy steps below to choose a lender for your next mortgage.
Talk to your bank or credit union. You might as well give them a shot so you can establish a mortgage refinancing model to compare interest rates and fees. You will use this baseline when you talk to the next lender.
Talk to a mortgage broker. Any competitive mortgage broker should be able to beat the interest rate and fees offered by a bank or credit union provided they operate business in a fair manner. Remember, mortgage brokers can control the interest rates they offer - usually more so than a bank.
Interview the companies you speak with. Now, don't interview them like you would interview somebody for a job. Ask a question here or there to determine their credibility and knowledge. If you seem to know more than the loan officer, try contacting somebody else. You can ask about rates, but don't always expect an accurate quote without first taking an application to determine your creditworthiness.
Review good faith estimates to ensure all fees are disclosed. Review the truth in lending disclosure to determine its accuracy. If you have questions, ASK! Ask questions like your finances depend on it because they might. If you are receiving quotes and the numbers you talked about with the mortgage company don't look anything like what is on the disclosures, then find out why.
Pick the lender that is not pushy, offers fair rates and fees, and the one that seems most trustworthy. Transparency is also important. The more transparent a loan officer is, the better your experience will be
There's more to mortgages that just looking for one in the right places. Learn a little about how they work, what's available in the market, and who has a reputation for great service. You should be well on your way to great financing.
Read more on finding the best mortgage rate at BeatMyBroker. You can also find more information about mortgages and learn about yield spread premium at BeatMyBroker. YSP is a hot topic all borrowers should know about
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