Residential Mortgage - Finding The Best Home Mortgage LenderMost people approach the act of getting a home mortgage purchase or refinance loan the wrong way. They timidly approach lenders and cross their fingers that they will quality for that all-important loan. But that's just the opposite of what most people should be doing! There are a lot of lenders out there-some great and others that can be difficult to work with. And here's the good news-they all want your business! Before agreeing to a contract with just any lender, you should make an appointment with (in person or by telephone) and ask them some important questions. Doing so could make the difference in a wonderful experience and one that you'd rather forget. If you are in the process of applying for a mortgage loan-either online or off-then you should ask the following questions to every lender that you are considering. ? What are my loan options? Some lenders specialize in only fixed-rate mortgages and you couldn't get an ARM if you begged. It's important to know your options up-front. ? What is the interest rate? You can easily go online and find the competitive interest rate on any given day, and you should ensure that your chosen mortgage lender is offering you one in line with the market. ? How many points will I have to pay to guarantee that rate? Just because someone offers you a great interest rate, that doesn't mean there won't be strings attached. Be sure and ask if the interest rate they quoted you is contingent on your buying points. ? Will you charge an application fee? This can vary drastically from lender to lender, and in some cases the fees are negotiable. ? What happens if I pay off my loan early? Some lenders will include a pre-payment penalty in their contract, actually penalizing you for paying off your loan early. If one is included in yours, try to negotiate around it, or look for another lender. ? Can I lock in my rate? Be sure to ask specifics about this. Will it be possible to lock in a rate at the application stage, or will you have to wait until you've been approved? After you've locked it in, how long is it good for? ? Will I be assigned a person that I should call with questions? It is vital that one person is familiar with your application and loan documents so you don't have to explain yourself every time you call with a question. ? How long will it take you to approve a loan? With the Internet and other modern advances, there should no reason that a lender can't process your loan in a jiffy. If a lender appears to be slow, you should take it as a red flag. The best way to find a good lender is to use a home mortgage loan company online that will give you multiple offers from different lenders. You want to let lenders compete over your business. To see our list of these types of recommended mortgage lenders, visit: Recommended Home Mortgage Lenders Carrie Reeder is the owner of ABC Loan Guide, an informational website with articles and the latest news about various types of loans.
MORE RESOURCES updated Tue. March / 19 / 2024 Pros And Cons Of Refinancing A Car Bankrate.com Current Student Loan Interest Rates in March 2024 Business Insider How to Refinance Your Mortgage NerdWallet Will Interest Rates Go Down in April 2024? | Mortgage Rates Forecast The Mortgage Reports When to Consider Refinancing Your Mortgage Business Insider Mortgage Relief and Mortgage Assistance Programs [2024 ] The Mortgage Reports Mortgage Rates This Week NerdWallet Mortgage Interest Rates Today, March 16, 2024 | Rates Tick up Business Insider Mortgage Interest Rates Today, March 14, 2024 | Rates Are Still on Track to Go Down This Year Business Insider Mortgage Interest Rates Today, March 17, 2024 | Sticky Inflation is Keeping Rates Up Business Insider Best Mortgage Refinance Lenders of March 2024 Business Insider Mortgage Interest Rates Today, March 13, 2024 | Rates Are Back Down Following Yesterday's CPI Report Business Insider Mortgage Rates Chart | Historical and Current Rate Trends The Mortgage Reports What Is An Interest-Only Mortgage? Bankrate.com Save up to $1,500 on a Mortgage Refinance With the New FHFA Program Business Insider How Soon Can You Refinance a Mortgage? NerdWallet What Is A Good Mortgage Rate In Today's Market? | 2024 The Mortgage Reports Best Mortgage Refinance Lenders In 2024 Bankrate.com Mortgage Interest Rates Today, March 15, 2024 | Rates Drop for Second Week in a Row Business Insider Can You Refinance With No Income Verification in 2024? The Mortgage Reports Mortgage Rates Dip Below 7%. Recent Homeowners Race To Refinance. Realtor.com News Best Refinance Lenders of March 2024: Refinance Your Mortgage The Motley Fool Rates drop - Mortgage rates for March 11th, 2024 Bankrate.com When to Refinance Mortgage: Is it Time? - Buy Side from WSJ The Wall Street Journal Current mortgage refinance rates CNN Underscored Refinance Requirements: What You Need to Refinance Your Home in 2024 The Mortgage Reports Current 15-year refinance rates — and lenders that offer them CNN Underscored Conventional Refinance Rates and Guidelines for 2024 The Mortgage Reports How Soon Can You Refinance a Mortgage Loan? 2024 Rules The Mortgage Reports The best mortgage lenders for refinancing in March 2024 CNN Underscored How To Refinance An Underwater Mortgage Bankrate.com Mortgage Interest Rates Today, March 12, 2024 | Rates Are Down, and They May Drop Further in the Coming Months Business Insider Mortgage Rate Forecast February 2024 Bankrate.com Will Mortgage Rates Go Down in 2024? What Homebuyers Should Expect Business Insider Mortgage Applications Increase By 7.1% Amid Rate Drop, Refinance Activity Spikes National Mortgage Professional What Credit Score Do I Need To Refinance? Bankrate.com Office of Research blog: A look at cash-out refinance mortgages and their borrowers between 2013 to 2023 Consumer Financial Protection Bureau 30-year refinance rates: What to know CNN Underscored 30-Day Mortgage Rates Fall for a Fifth Day Investopedia Should I Refinance My Mortgage Now? When to Refinance As Rates Drop Business Insider CFPB Releases Study of Refinance Mortgage Loans Between 2013 and 2023 Consumer Finance Monitor Build Your Future with Tara's Mortgage Company St. Albert Gazette Should You Refinance Halfway Through Your Mortgage? Bankrate.com How To Get The Best Refinance Rate Bankrate.com The Sales Pitch for an 8% Mortgage: Buy Now, Refinance Later—for Free The Wall Street Journal MBA: Mortgage Applications Increased in Weekly Survey Calculated Risk
|