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Where To Find The Best Rates For Your Mortgage?
As with all of my articles this will be based on a scenario in
my home town. (Which may be similar to yours).
Loans and mortgages can be a tricky business, not to mention a
costly business if you are unsure where to go and seek out help.
The fact is that most local bankers and lenders will look over
your present situation checking items such as your past payment
history, your overall credit rating and most importantly your
present income. Either yours or yours and your partners. This
will in turn pretty much get you 2 or 3 options at best. So you
shop around and you get the same offers almost eveywhere you
go.
There is another way to help you find the best rate.
With technology advancing and with mortgages being such big
business due to the lifespan of how long you will be paying the
lender, your options are not nearly as limited as you may or may
not be lead to believe. I was doing a seminar a few weeks ago
with a room of about 20 people who were all looking at cost
effective ways to get into a home and how to make sure they were
getting the best option for their money. Now this is very
important for several reasons :
1. It's your money, you want the best and most practical
mortgage payment available.
2. This is a long term investment, so you do the math here.
What makes more sense $700.00 a month or $900.00 a month? Yes, it
is a trick question, because it depends on how long the terms are
and how much you can afford. It may seem off but alot of times
the $900.00 is worse, usually more is better but well read the
fine print.
3. You want competition. Keep reading and I will explain.
Alright, the more competition you get the better it is for you
in the long run because the lender wants your business. But...if
you live in a small town, like I do, you may not have much
competition at all. So if you don't like what they offer you what
do you do? Do you necessarily take the best offer? Personally I
wouldn't...I would do some digging, alot of people still don't
realize that you can actually take 5 or 10 minutes at most and
check out the internet for a whole slew of lenders and mortgage
companies that will literally fight for your business. It's true
and it's convenient for you. You don't have to make an
appointment, get dressed up, take a "positive" pill and get all
stressed out over the meeting. You simply go online, fill out a
few forms (as many as you like) and wait for the replies. It's
fast, its incredibly effective, and it will more than likely save
you a lot of time and money in the long run.
That being said, you should still make sure you are
comfortable wih the companies you fill the forms out with and
here are a few must tips to doing this :
1. Give out as much personal information as you are
comfortable with, don't fill out anything you suspect to be
non-required information.
2. Make sure the companis are reputable, look for a B.B.B logo
on the page. (Better Business Bureau)
3. This is not a must but a recommendation, when asked for
your email give them one you check periodically, I never give out
my personal email to any company unless I have been doing
business with them for awhile, just to avoid alot of potential
email I don't want.
4. Final option, go to www.alexa.com and see what their
overall rating is online, take a look at the companies stats.
Have they been around awhile? etc. and if you can view their
testimonial pages. If they have alot of testimonials then chances
are you have found a reputable company to go with.
Well, there it is. The internet can give you alot of options
and alot of companies who will fight for your business and again,
in the end you win. You will get the best mortgage available and
you get to choose the company. Peace of mind.
Until next time.
Take care,
Garret Belisle is the author of a blog designed to help you on
your way to home ownership, and some helpful tricks on down
payments and credit repair.
You can view the site here at http://www.gbcmortgage.blogspot.com
While you're there make sure to sign up for the weekly updates on
the bottom left corner to keep up to date with all of the latest
advice.
 MORE RESOURCES updated Thu. February / 09 / 2012
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New HARP Could Help Up to 6.7 MillionNASDAQOther changes to the program were designed to make it easier for homeowners with private mortgage insurance (PMI) to refinance or to obtain a HARP mortgage refinance with a lender other than their current mortgage servicer. In addition, new limits were ...and more » |
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