Be prepared when seeking a mortgage
By Mark Lambie
When you're looking for a mortgage, whether it's a first time loan
or you're taking advantage of an opportunity to refinance an
existing mortgage, it may seem that you're wading through a
quagmire of uncharted territory. If you're prepared ahead of time,
you'll avoid some of the common pitfalls and know how to find
the best deal for your situation.
Remember that you are the consumer and that you are shopping
for a service. That means that you have the right to be treated as
a customer. Ask questions and keep asking until you get all the
answers you are looking for. If a potential lender is reluctant to
spend the time addressing your concerns, you don't have to do
business with that particular company. In today's market with the
opportunities to shop for a mortgage online, finding a lender is the
least of your worries.
Look for the best interest rates, but also search for a lender who
offers the mortgage without the high closing costs. There are likely
to be some requirements for closing the loan. You may be asked
to pay for an appraisal, home inspection and even a survey if
property is involved in the transaction. Those are fairly standard
but be wary of a company that charges a large additional fee for
closing costs though you can expect a moderate fee. A lender is a
business and as such, is in business to make money. That means
that you as the consumer should expect to pay for the service, but
comparing fees and interest rates will help you find the best
possible deal on your mortgage.
Finally, be aware of unbelievable claims. A company that
promises you'll be approved for a loan regardless of credit is
probably making promises that they can't keep. If you're asked to
pay an application fee with this guarantee, you could be wasting
your money. In some cases, the lender will approve the loan, but
will make unreasonable requirements for repayment or down
payment. If you then can't meet the terms, the company will have
fulfilled their promise - they did offer you the loan. Your
application fee is typically non-refundable and you've simply lost
About the Author
Mark Lambie is the founder of The Loan House a website that allows consumers to quickly and easily get mortgage quotes and mortgage information.
Article Source: http://www.simplysearch4it.com/article/8724.html
|If you wish to add the above article to your website or newsletters then please include the "Article Source: http://www.simplysearch4it.com/article/8724.html" as shown above and make it hyperlinked.|
| Some other articles by Mark Lambie|
|Rhode Island Mortgage Loans|
Whether you live in the Blackstone Valley, Block Island, East Bay, South
County, Warwick, Providence, or Newport you know that Rhode Island
offers so much to you. "Little Rhodey" is rich in ...
Getting a Nashville Mortgage Quote
Purchasing a new home requires much research on your part.
Working with a realtor and finding a real estate closing attorney is
vital in your quest ...
Nashville Mortgage Companies
You've entered into a contract to purchase your new home. The sellers
are anxious to see if you can come up with a loan and you are pressed
for time. What to do? Research, my ...
Finding a Mortgage in Louisville
Louisville, Kentucky is a charming city located in the heart
of the Bluegrass State. The University of Louisville is
noted for its academic prowess as well as for fielding
several top sports teams ...
Searching for a Mortgage in Lexington ?
Lexington, Kentucky is where you want to live, right? It is a
lovely city! Getting a Mortgage Lexington is your first step
toward purchasing your next home. Let's discuss some
Miami Online Home Loans
Living in Miami, Florida has so much to offer. Tropical weather,
mild winters, lovely beaches, a thriving night life, a diverse