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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.
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 / 29 / 2024
Mortgage Rates Edge Down Investopedia
Mortgage interest rates for today February 29, 2024: Where are rates wrapping up for February? - AOL
HOME-MORTGAGE LENDING NEAR TWO-DECADE LOW AS SLUMP CONTINUES ACROSS U.S. DURING FOURTH ... - Morningstar
HOME-MORTGAGE LENDING NEAR TWO-DECADE LOW AS SLUMP CONTINUES ACROSS U.S. DURING FOURTH ... Morningstar
Mortgage Interest Rates Today, February 29, 2024 | Rates Hold Steady After Spiking Earlier This Month - Business Insider
Mortgage Interest Rates Today, February 29, 2024 | Rates Hold Steady After Spiking Earlier This Month Business Insider
Best Mortgage Refinance Lenders of February 2024 | U.S. News U.S News & World Report Money
How Soon Can You Refinance a Mortgage? NerdWallet
Will Mortgage Rates Go Down in 2024? What Homebuyers Should Expect Business Insider
Mortgage Interest Rates Today, February 28, 2024 | Rates Steady Ahead of Latest Inflation Report - Business Insider
Mortgage Interest Rates Today, February 28, 2024 | Rates Steady Ahead of Latest Inflation Report Business Insider
30-Year Mortgage Rates Fall Investopedia
Mortgage Interest Rates Today, February 27, 2024 | Rates Ease, but They're Still Up From Last Month - Business Insider
Mortgage Interest Rates Today, February 27, 2024 | Rates Ease, but They're Still Up From Last Month Business Insider
Mortgage Refinance Rates: Compare Current Rates Business Insider
Mortgage Interest Rates Today, February 25, 2024 | Rates Increased Last Week — Here's When They Might Go Down - Business Insider
Mortgage Interest Rates Today, February 25, 2024 | Rates Increased Last Week — Here's When They Might Go Down Business Insider
Mortgage Interest Rates Today, February 24, 2024 | Rates Continue Inching Up Near 7% - Business Insider
Mortgage Interest Rates Today, February 24, 2024 | Rates Continue Inching Up Near 7% Business Insider
Mortgage Interest Rates Today, February 26, 2024 | Rates May Drop More Slowly Than Expected This Year - Business Insider
Mortgage Interest Rates Today, February 26, 2024 | Rates May Drop More Slowly Than Expected This Year Business Insider
Current mortgage refinance rates CNN Underscored
Can You Refinance With No Income Verification in 2024? The Mortgage Reports
California, United States Luxury Real Estate Home California Listings
How to Refinance Your Mortgage NerdWallet
Average Mortgage Interest Rates: Mortgage Rates by Credit Score, Year, and Loan Type - Business Insider
Average Mortgage Interest Rates: Mortgage Rates by Credit Score, Year, and Loan Type Business Insider
Best Mortgage Refinance Lenders In 2024 Bankrate.com
Scam ads misrepresent FHA cash-out refinance plan VERIFYThis.com
Refinance Requirements: What You Need to Refinance Your Home in 2024 The Mortgage Reports
Cash-Out Refinancing: How It Works, When To Do It Bankrate.com
When to Refinance Your Mortgage: 5 Times to Consider Refinancing Business Insider
Mortgage Rates This Week NerdWallet
30-year refinance rates: What to know CNN Underscored
How To Refinance An Underwater Mortgage Bankrate.com
What Credit Score Do I Need To Refinance? Bankrate.com
CFPB Releases Study of Refinance Mortgage Loans Between 2013 and 2023 Consumer Finance Monitor
The best mortgage lenders for refinancing in February 2024 CNN Underscored
The Great Pandemic Mortgage Refinance Boom - Liberty Street Economics Liberty Street Economics -
Should I Refinance My Mortgage Now? When to Refinance As Rates Drop Business Insider
Conventional Refinance Rates and Guidelines for 2024 The Mortgage Reports
How Soon Can You Refinance a Mortgage Loan? 2024 Rules The Mortgage Reports
When to Refinance Mortgage: Is it Time? - Buy Side from WSJ The Wall Street Journal
The Sales Pitch for an 8% Mortgage: Buy Now, Refinance Later—for Free The Wall Street Journal
Refinance Market 2024 Is Booming Across the Globe by Share, Size, Growth, Segments and Forecast to 2032 - Taiwan News
Refinance Market 2024 Is Booming Across the Globe by Share, Size, Growth, Segments and Forecast to 2032 Taiwan News
How To Get The Best Refinance Rate Bankrate.com
Homeowners, get ready to date the rate. Refinancing is making its comeback as mortgage rates drop to 7% - Fortune
Homeowners, get ready to date the rate. Refinancing is making its comeback as mortgage rates drop to 7% Fortune
10-year refinance rates: What to know CNN Underscored
Should You Refinance Halfway Through Your Mortgage? Bankrate.com
Mortgage refinancing up 20% as some lenders quote rates below 7% Business Insider
Mortgage Rates Chart | Historical and Current Rate Trends The Mortgage Reports