You Can Choose A Mortgage Lender
It can seem as if mortgage lenders are a dime a dozen. With sites such as Lending Tree in existence you can get the pick of the lenders and if you don't like the list, you can try try try again! Not all mortgage lenders are reputable and some are downright unscrupulous. Part of the deal in finding a mortgage lender is to locate one that can adequately serve your needs at a price that is reasonable to you.
Before you decide upon a mortgage lender there are a few things you must uncover. Read on and we'll cover some important points sure to help you in your quest for a mortgage.
One way for you to find a mortgage lender is to ask your realtor for a recommendation. Keep in mind that if your realtor is part of a national real estate network, that very same network could actually own a mortgage company or be exclusively affiliated with one. This isn't necessarily bad, but your realtor could be motivated more from receiving a referral fee above all else.
Ask your realtor if she or he stands to profit their recommendation. If she says yes, then consider the contact anyway as the realtor was being honest with you.
Another thing to do is to simply come up with a list of mortgage lenders and contacting them directly to uncover their lowest rate. Naturally, if you know what your credit score is then you'll know whether to expect their best rate or not. In this case, make certain that you have a clear understanding what market rates currently are and then mention that you have excellent credit and want to receive their best rate.
A loan officer who wants your business will correctly quote the rate that you are entitled to receiving. If you have bad credit or so-so credit and are still quoted the industry's best rate then something is wrong: your loan officer could be mistaken or is simply telling you an untruth in a bid to secure your business. Be careful as a bait and switch could be in the offing.
Once you have found a lender with a favorable rate, plan on submitting your application that very same day. Ask for a "rate lock" to hold the rate in place for sixty days or so in the event that you haven't found a home yet. Also ask the lender for a pre-approval letter to use as grease for your home bid: it works almost every time!
Before you decide upon a mortgage lender there are a few things you must uncover. Read on and we'll cover some important points sure to help you in your quest for a mortgage.
One way for you to find a mortgage lender is to ask your realtor for a recommendation. Keep in mind that if your realtor is part of a national real estate network, that very same network could actually own a mortgage company or be exclusively affiliated with one. This isn't necessarily bad, but your realtor could be motivated more from receiving a referral fee above all else.
Ask your realtor if she or he stands to profit their recommendation. If she says yes, then consider the contact anyway as the realtor was being honest with you.
Another thing to do is to simply come up with a list of mortgage lenders and contacting them directly to uncover their lowest rate. Naturally, if you know what your credit score is then you'll know whether to expect their best rate or not. In this case, make certain that you have a clear understanding what market rates currently are and then mention that you have excellent credit and want to receive their best rate.
A loan officer who wants your business will correctly quote the rate that you are entitled to receiving. If you have bad credit or so-so credit and are still quoted the industry's best rate then something is wrong: your loan officer could be mistaken or is simply telling you an untruth in a bid to secure your business. Be careful as a bait and switch could be in the offing.
Once you have found a lender with a favorable rate, plan on submitting your application that very same day. Ask for a "rate lock" to hold the rate in place for sixty days or so in the event that you haven't found a home yet. Also ask the lender for a pre-approval letter to use as grease for your home bid: it works almost every time!