Mortgage and Refinancing Information Channel:

We would like to thank the local libraries, schools, and universities for recommending students to visit us when doing research on any of our information topics.
 Please check back frequently as new topics are added and current topics are updated daily.

Shopping for a Mortgage, Avoid Three Common Mistakes

Buying a home or refinancing one is perhaps the largest financial transaction you will ever make in your life, so you want to be sure to avoid any mistakes that may cost you in the long run.

When you are deciding on a mortgage, you certainly don't want to make your decision by flipping a coin.

You will have to do as much research as you possibly can, so that you will understand all of the jargon the people in the mortgage industry will throw at you.

Here are three common mistakes that people make when deciding on a mortgage.

1. Settling for a high interest rate.

When you are shopping around for a mortgage, one of the most important factors is the interest rate. The interest rate will ultimately decide how much money you will be spending at the closing table and how much you will be spending in charges over the life of the loan.

The difference between a percentage and half a percentage could mean thousands of dollars over the life of the loan.

So shop around, if you speak with four different loan officers, I can assure you, you will get four different rates, obviously you want to go with the one that is the lowest.

Don't be afraid to ask questions. Ask how the rate is determined. Sometimes loan officers can make a little extra commission by raising the rate a little bit.

2. Read your good faith estimate

When you decide on a mortgage and a lender, they will send you disclosure documents, they are required to send these by law. Inside of these documents you will find a good faith estimate. This is an accurate estimate of what you can expect your closing costs to be when you go to settlement.

Read every part of this document line for line and word for word. If there is anything on there that you don't understand, call your loan officer and go over it together.

Your loan officer will most likely want to mail you these documents. This is fine. However, if you can meet somewhere to go over it together, than all the better.

But read your good faith estimate very carefully before you sign it, this could save you anywhere from a couple of hundred dollars to a couple of thousand.

3. Don't be afraid to shop around

If at any time a lender or loan officer tells you not to deal with anyone else because it may be detrimental to the loan or to your credit, they are lying. If this happens, they are trying to scare you out of doing business with anyone else.

Feel free to shop around as much as you would like. Do as much research as you can before making a decision. So when you finally do make a decision on a mortgage, you can avoid the pitfalls that people so often make.

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

used office furnishings-supplies-equipment-desks-cubicles-service-counters for sale in Akron Ohio   Die cast model cars for sale in Akron Ohio  
used cars for sale in Akron Ohio   unfurnished homes for rent in Akron Ohio

RELATED MORTGAGE AND REFINANCING ARTICLES: Home Mortgage Lenders - How to Find A Good Mortgage Broker Online Mortgage lenders have set up shop online, but they aren't all reputable mortgage brokers. To find a good mortgage lender you need to compare rates and research to find reputable companies. Home Equity Lines of Credit - the Basics A Home equity line of credit is a loan which is similar to a credit card. These often have a very low interest rate (In most cases even lower than home equity loans). Making Sense of Mortgage Speak Applying for a home loan can be overwhelming. You will need to contend with mountains of papers, contracts, documents; and do lots of planning and coordination. Subprime Mortgage Lenders - Helpful Tips When Getting a Subprime Mortgage Loan If you have bad credit history, no down payment or difficult to prove income and are looking to get approved for a home mortgage loan, you will probably need to look at subprime mortgage lenders to help you. To see a list of our recommended subprime mortgage lenders you can click on the link below. Refinancing Your Mortgage Can Really Save You Money Refinancing a mortgage is simply taking out a new mortgage. It means paying off one or more old debts by getting a new loan. Doing a California Refinance Online Californians are passionate people. I know. Mortgage Information for the First Time Homebuyer Inflation in the United States is increasing rapidly and home prices are soaring! There are millions of american families that are unaware of the many mortgage programs that are available for first time homebuyers. There are many types of mortgage finance programs available to first time homebuyers. Avoiding Foreclosure Scams If your mortgage company is threatening foreclosure, there are things you can do to avoid it (see my article titled "How to Avoid Foreclosure"). However, you should be aware of scams. How To Determine The Price Of Your Home Why is it that some homes sit on the market for a year while others sell like hot cakes? Frustrated sellers will blame a bad market, while a good real estate professional will tell you that many times, a slow sale is often attributed to the listing price.If a home is overpriced, buyers will stay away. The Top 5 Reasons to Buy a Home 1. Save on your income tax. 13 Extra Costs to be Aware of Before Buying a Home Whether you're looking to buy your first home, or trading up to a larger one, there are many costs - on top of the purchase price - that you must figure into your calculation of affordability. These extra fees, such as taxes and other additional costs, could surprise you with an unwanted financial nightmare on closing day if you're not informed and prepared. How to Get the Best Mortgage This is a guide on how to get the best mortgage deal. Do not rush into the first offer that is made to you even if you are in a hurry for a mortgage. Refinance Your Home Equity Loan Refinancing your home equity loan is an excellent way to save money. By refinancing your home equity loan you can lower your interest rate and finance for a longer or shorter term. Tips for Finding the Best Agri Mortgage and the Best Agri Loan The Research Rates of Agri MortgageFirst thing, when finding an agri mortgage is to check the interest rates and the rate movements, too. The agri mortgage rates can't be too constant, they are rising and falling along the Wall Street security; that reflects the direction of rates. What is a Buy To Let Mortgage? A buy to let mortgage is a mortgage on a property which is to be let out or rented, rather than occupied by the owner. A buy to let mortgage is exactly as it sounds - a mortgage that allows you to buy a property in order to let if out to a tenant. Home Equity Loan - Beware of Equity Stripping Scam The market for mortgage refinancing has been brisk during the last few years. The boom in business can be attributed to interest rates that have been at or near historic lows, and to lenders who have more money to lend now that they aren't investing in risky tech stocks anymore. A Personal Mortgage Experience I don't know what the mortgage situation is around the world but here in England the mortgage industry is a constant point of debate. It used to be that everyone aspired to having a mortgage on a nice home - you know the kind of house with enough rooms to cater for the average family with 2. Finding the Online Homeowner Loans You Want Online homeowner loans have been growing in popularity in recent years, blossoming into a new industry of online lenders and new opportunities for homeowners who find themselves needing additional money but not wanting to pay an exceptional amount on interest.These online homeowner loans use the equity that you've built up in your house as collateral to secure the loan, and usually feature interest rates and loan repayment terms that are competitive to if not better than many loans that are offered by more traditional physical lending institutions such as banks and finance companies. Mortgage Glossary of Terms A brief list of some of the most common Mortgage terms.Adverse Credit The term used if the borrower has a poor credit history. Why Refinance Back into a 30-Year Loan? One of the biggest reasons homeowners refinance their mortgage is to obtain a lower interest rate and lower monthly payments. By refinancing, the borrower pays off their existing mortgage and replaces it with a new one.

HOME | SITE MAP © 2012 - 2024 All Rights Reserved Increase pagerank with HitsSurfer