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The Worst Way to Shop for a Home Mortgage
You've found a house that is perfect for you. It is so
appealing that you're willing to endure the hassle of obtaining a
mortgage.
It is downright frustrating to shop for a mortgage these days.
First of all, some stranger wants to know how much you make and
how much you have in the bank. Then you have to show someone your
recent tax returns. I don't know about you, but I don't even tell
my best friend that information. Why should I tell some stranger?
This disclosure is the price of getting a loan, though.
Have you heard about the best way to get a mortgage?
The real short-cut to finding a loan is to look on the
Internet. Everyone knows you can get a better deal on the
Internet. Here's a tip. Try to find a company that has outsourced
their lending function to Indonesia, where they pay workers next
to nothing. Your salary is going to sound like a sum fit for a
king, even if it is near minimum wage.
Feeling a little more at ease? Let me assure you, you have
nothing to fear. This mortgage thing is a piece of cake as long
as you follow along with me. The next step is find every web site
that has an application form.
It's simple. It's fast. It's painless. Plus, it's free!
Name, address, social security number. Then again, perhaps you
should leave that field blank. No reason to share that with some
stranger until you know that you're getting the best deal.
A word of caution. You need to be careful about identify
theft, the latest crime wave to hit Fox News channel.
They report that people pretending to be you could be
dangerous, if not very costly. The way to prevent someone in
Indonesia from using your identity to buy a new car or something
is to pretend being someone else on the application from the
start. This trick eliminates the whole problem.
The way I figure it, they can't steal the identity of an
imaginary person.
Only after you've figured out who you want to work with should
you can give them your true information. For now, all they need
to know is that you have a job and can afford the house.
Many times you don't need to fill out an application. Your
loan is bound to be simple, right? Sometimes it's easier just to
call (as long as they have a toll-free number) or email them and
ask them for their best deal. The ones that really want your
business will give you their best rate over the phone. It might
just be a ballpark number you get from them, so don't worry about
anything past the decimal point.
5.875% 5.25% 5.125% all easily fit into the 5% bracket.
What ever you do, be nice when you're on the phone. But don't
commit to anything. Use your spouse as an excuse. Keep them on
the phone for a long time to be polite, after all they probably
want to hear all about the house you're buying. They love
kitchens, so tell them all about the kitchen.
If someone happens to give you a rate under 5%, then you've
met a winner. People who quote you higher rates are just being
greedy.
Works like a charm, doesn't it?
For you emailing rate shoppers, imagine you're on the other
end of the table. Someone sends you an email out of the blue. The
person tells you how much the home costs, how much he's going to
put down and explains he's got perfect credit. Then he expects a
rate lock guarantee with a number that blows away the
competition. A quick look at the message header line reveals that
the 20 other mortgage lenders received this same message.
A More Effective Way to Work
That's a big no-no when trying to get a mortgage broker to
take you seriously.
The problem here is that you've told the lender that all you
care about is having someone give you a low estimate. And many
people will gladly take you down this primrose garden path.
Then the unpleasantness of a shockingly higher interest rate
or closing costs await you at closing.
My advice?
1. Don't apply to everyone. Research the person or company you
are considering. Read between the lines of what they have on
their web site. Is the information helpful, or are they just
talking about themselves and their success?
If you want someone to help you, look for someone who is
helpful. Otherwise just go to someone who treats his job like a
'mortgage factory' and people like raw materials on an assembly
line. Do business with someone who specializes in working with
clients with needs similar to yours.
2. Answer their questions truthfully from the beginning. Don't
misrepresent yourself or your intentions. Listen to their
answers. Is this someone you can work with?
Although it might feel like you are bearing your soul and
revealing your darkest secret, how much you made last year has no
bearing on what a professional lender thinks about you. It is
used as one number to fit into the complex equation of the loan
qualification.
3. Don't expect to immediately be given an interest rate based
on sketchy or incomplete information.
Of course price is important, but don't focus solely on
shaving every last penny. Nobody works for free. You can easily
find people, that offer zero down loans. This is not the same as
a no cost loan.
Lastly, you are entering into a relationship with your lender,
as opposed to a one night stand. As with any relationship, expect
some give and take, some discussions about your goals and
objectives. You'd be surprised how much smoother the whole
process goes if you tell your lender your needs.
Tony Ferlazzo makes it easy to obtain a mortgage. He's
available to help you with your mortgage. For details and to get
going with a mortgage, visit this site now: http://www.lightning-mortgage.com
 MORE RESOURCES updated Thu. February / 09 / 2012
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