Find the Best Mortgage Company
If you do not wish to commit to living in one place for at
least a few years, then owning a house is probably not for you,
at least not yet. With the transaction costs of buying and
selling a home, you may end up losing money if you sell any
sooner. But if you think you are ready, you probably need to find
a mortgage loan. Finding a mortgage companies or lenders can be
an arduous task. This is a serious decision and you should be
ready to invest some time to research mortgage loan options and
understand the mortgage loan process. There are many lenders and
you should contact several potential lenders to search the best
mortgage companies and lenders.
The easiest way to contact several lenders or brokers is
online. Let them compete for your loan. Today, most mortgage
companies and lenders provide simple online forms or
questionnaires. This way, lenders or mortgage companies can
directly contact you to promote or discuss your mortgage loan and
determine how they can best serve your needs. Once you have
spoken with a loan officer then you can usually move forward with
an application process for credit. As you receive offers from
various lenders and brokers you need to compare apples to apples
to make sure the pricing is comparable.
Ask each potential lender for a "no/no" which means a "no
points and no origination fees" rate quote. Also ask for detailed
closing costs and a total cost to close. Closing costs should not
vary too much because the costs associated with closing have
standard fees in many states and county taxes, credit report fees
and appraisal fees. Also keep in mind that closing costs on a
Good Faith Estimate (GFE) are only estimates and may change at
closing. Some lenders or brokers will even guarantee that their
closing costs will not exceed the total closing costs on the GFE.
Once you have the no discount fee and no origination point rate
and closing costs you can better compare your mortgage
It is clearly a big mistake to just ask for a mortgage rate or
to call about a low rate you may have heard on TV or radio. Rates
are determined by risk and each mortgage loan will carry a
different level of risk and thus a different rate. Risk factors
that determine rates can include the borrower's credit history,
the price of the home, loan to value (LTV) which is determined by
the down payment and many other factors.
Eric Newman is an author for Teanobi.com. All articles may be
used and reprinted as long as they have an active link at the
bottom pointing to http://www.teanobi.com with the
anchored text: Teanobi - Green Tea
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