September 19, 2017
 
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Shopping for the Best Home Loan

Once someone has made the decision to follow their dream and become a homeowner, or even if they’re moving, they need to take on the task of finding a mortgage lender. There are thousands of mortgage lenders throughout the country offering many different products. The bottom line is how much and at what rate. Obviously, a borrower is looking for the lowest possible interest rate with an affordable monthly payment. Even a one-quarter percentage point difference can mean savings of thousands of dollars over the life of the loan. Whatever your personal financial situation is, know that there is a loan product for just about everyone.

Banks
The best place to start is your local bank. For qualified customers, it can result in a fair deal. Once you meet with them and have a rough idea of what they can offer, in terms of interest rates, it’s a good idea to compare the rates of other banks.

On-line
Take advantage of the internet—there are tons of websites that do the comparing for you. You’ll get a better idea of what interest rate you can expect from your local banker.

Real Estate Agents
If you’re working with an agent, you may have more peace of mind with a lender that has a relationship with your agent. The reasoning is that, hopefully, the lender has a sense of responsibility towards the agent who is bringing in potential business.

Timing
If possible, find a lender to get “pre-qualified” for a mortgage before you start hunting for a house. That way, your search can be more focused and you won’t be wasting your time looking at houses out of your price range.

Be Prepared
Once you find a lender, be prepared to provide various financial documents, such as proof of income and bank statements, so they can determine how much they can lend to you. Also, they’ll need your social security number to look at your credit report. Specifically, your credit score and amount of debt will be evaluated, so be ready to discuss it. Nothing should be a surprise. Remember, shopping around, comparing interest rates, and negotiating with your lender can save you a significant amount of money.

 

 

 

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