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Shopping for A Mortgage? Do Your Homework First
If you happen to be shopping around for a mortgage, it is very important that you first take the necessary time to do your homework.
When I say homework, I am talking about research. There are so many loan programs out there that it is easy to get lost in all of the mortgage jargon that people in the industry love to use on you. Not to mention of all of the paperwork.
By the time you get to the table, you will have a mound of paperwork approximately six inches high filled with words and terms that most people in the business don't even understand.
The mortgage industry is filled with all kinds of pitfalls that you can find yourself sitting in. This is why taking your time and doing research is key to purchasing a home. Research can literally save you thousands of dollars in closing costs and interest charges. So don't rush into it!
For starters you will want to contact a realtor and a lender.
When choosing a realtor, ask a family member or friends to refer one to you, one they know well and can be trusted. Or better yet, one they have used personally.
There are many ways to choose a lender, but for starters, here are just a few ideas to get you started.
The traditional way would be to walk into your neighborhood bank and speak with a loan officer. If you don't like that idea, you might consider filling out an on-line application, and let the lenders choose you. Or you could contact a broker.
A broker will evaluate your situation for you, and then shop around for a lender with the best program or rate, or both.
Remember, just because you have a realtor and a loan officer doesn't mean you should stop doing your research. At this point in the game, you should be doing even more research. This way you will have an understanding as to what your realtor and loan officer are talking about when they start speaking their language.
You will also want to find out what your credit score is. Most likely your loan officer will do this for you. Your credit history plays a large role in the loan approval process, and it will also affect your interest rate.
If you already know that your credit is a little bit challenged, than you might want to start out using a broker. Most brokers work with about two hundred lenders, so they would be your best bet as far as finding a bank that deals with challenged credit.
When you are purchasing a home, you will hear things such as debt to income, appraisal, and loan to value. I'm sure you may have heard these terms in the past, but do you know what they mean, I mean, do you really know what they mean? Inside and out.
I cannot stress enough the importance of doing research before buying a home. It is such a vital component when it comes to saving money. Use the internet, use the library, and most of all, use your realtor and loan officer. Ask them as many questions as you possibly can, learn from them, after all, you are paying them!
Your home will most likely be the largest financial transaction you will ever make, so when you come to making your decision, make sure it is an educated one. Good luck!
This article may be reproduced by anyone at any time, as long as the authors name and reference links are kept in tact and active.
Jay Conners has more than fifteen years of experience in the banking and Mortgage Industry, He is the owner of http://www.jconners.com, a mortgage resource site, he is also the owner of http://www.callprospect.com, a mortgage lead company.
MORE RESOURCES updated Fri. December / 08 / 2023
Mortgage Interest Rates Today, December 6, 2023 | Rates Down Ahead of Next Week's Fed Meeting - Business Insider
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Current national mortgage and refinance rates, November 27, 2023 | Majority of rates rise - Bankrate.com
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Mortgage Interest Rates Today, December 2, 2023 | Rates Are Down, and They Should Drop More in 2024 - Business Insider
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Mortgage refinance: What is it and how does it work? Yahoo Finance
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When Should You Refinance Your Mortgage? Bankrate.com
The Great Pandemic Mortgage Refinance Boom - Liberty Street Economics Liberty Street Economics -
Mortgage Interest Rates Today, December 1, 2023 | Rates Fall Further, Boosting Affordability - Business Insider
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Mortgage Interest Rates Today, November 30, 2023 | Rates Dip Even Further as Markets Eye Fed Cuts - Business Insider
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Exclusive: S.F.'s Stonestown mall owner closes on refinancing $180M mortgage - San Francisco Chronicle
Exclusive: S.F.'s Stonestown mall owner closes on refinancing $180M mortgage San Francisco Chronicle
Cash-out refinance: How does it work? CNN Underscored
Compare today's mortgage and refinance rates, November 24, 2023 - Majority of rates increase - Bankrate.com
Compare today's mortgage and refinance rates, November 24, 2023 - Majority of rates increase Bankrate.com
How Long Does It Take To Refinance A House? Zing! Blog by Quicken Loans
Seven Hills Realty Trust Closes $29.0 Million Bridge Loan to Refinance a Hospitality Property in Anaheim, California - Business Wire
Seven Hills Realty Trust Closes $29.0 Million Bridge Loan to Refinance a Hospitality Property in Anaheim, California Business Wire
Should you refinance your home after divorce? Here's what happens to your mortgage after untying the knot - CNBC
Should you refinance your home after divorce? Here's what happens to your mortgage after untying the knot CNBC
How Soon Can I Refinance My Mortgage? | Mortgages and Advice | U.S. News - U.S News & World Report Money
How Soon Can I Refinance My Mortgage? | Mortgages and Advice | U.S. News U.S News & World Report Money
2 Reasons Why a Free Mortgage Refinance Could Be Right for You The Motley Fool