kingwood mortgage
Mike Durr (The Kingwood Mortgage Guy) gives some simple but valid information on how to shop for your mortgage. Most people shopping for mortgages attempt to scrutinize all of the costs incurred.
best mortgage rates in kingwood
The problem is, that there are three main parts of a mortgage transaction and multiple vendors that all have their hand in your pocket. The mortgage is one part and should be compared on its merits, if you want to shop for title companies, that’s a whole different shopping experience. The mortgage lender rarely has much say in what title company you use.
If you are buying, this decision is generally decided by the seller’s real estate agent, if you are refinancing you can shop for the best and least expensive title company. When I get to choose, I do not shop for cost as much as convenience, service quality and attitude.
Here are Mike’s main points, compare the lenders closing costs, and the rate to get a clear and simple comparison. Ask the question, what’s the rate if I lock today for 30 days? Then ask the same question to any other lender. Shop on the same day, and preferably in the same half of day.
The reason for this when you are shopping the mortgage bond market can change and the rates that
were offered in the morning may not be the same in the afternoon. This could work against you or could
work for you. The key is that you want to compare apples to apples.
If they will not give you a estimate of the costs, you should not walk away, you should run!
Unfortunately, the lack of knowledge about key details and how they affect the mortgage financing allow many consumers to be taken advantage of by unscrupulous originators.
So let me summarize, Shop for your mortgage by just comparing the lender’s closing costs and the rate. Do not worry about the credit report, the appraisal, the survey, and other items that show up on the Good Faith Estimate. These are third party fees that will not vary by too much and are really just estimates at this stage in the process.
Make sure you ask the originator if the rate that he or she is quoting is a rate that you can lock today for at least the time it should take to get your loan closed. Thirty days is a standard for purchase transactions and 45 days is standard for Refinances. These days you might ask the originator to pad the time
that you have to close your loan. It doesn’t cost much and it’s good insurance against busting a good lock.
My final note, always a good idea to get a good reference from someone that has used the mortgage company, and the specific mortgage professional recently. The mortgage industry has been changing very fast over the last couple years, and there are not many mortgage professionals who have stayed with the same lender for any length of time. Hopefully this trend will slow as the lending community settles under some semblance of stability in the near future.
To get additional information check out http://www.homebuyersu.com
kingwood mortgage
best mortgage rates in kingwood
The problem is, that there are three main parts of a mortgage transaction and multiple vendors that all have their hand in your pocket. The mortgage is one part and should be compared on its merits, if you want to shop for title companies, that’s a whole different shopping experience. The mortgage lender rarely has much say in what title company you use.
If you are buying, this decision is generally decided by the seller’s real estate agent, if you are refinancing you can shop for the best and least expensive title company. When I get to choose, I do not shop for cost as much as convenience, service quality and attitude.
Here are Mike’s main points, compare the lenders closing costs, and the rate to get a clear and simple comparison. Ask the question, what’s the rate if I lock today for 30 days? Then ask the same question to any other lender. Shop on the same day, and preferably in the same half of day.
The reason for this when you are shopping the mortgage bond market can change and the rates that
were offered in the morning may not be the same in the afternoon. This could work against you or could
work for you. The key is that you want to compare apples to apples.
If they will not give you a estimate of the costs, you should not walk away, you should run!
Unfortunately, the lack of knowledge about key details and how they affect the mortgage financing allow many consumers to be taken advantage of by unscrupulous originators.
So let me summarize, Shop for your mortgage by just comparing the lender’s closing costs and the rate. Do not worry about the credit report, the appraisal, the survey, and other items that show up on the Good Faith Estimate. These are third party fees that will not vary by too much and are really just estimates at this stage in the process.
Make sure you ask the originator if the rate that he or she is quoting is a rate that you can lock today for at least the time it should take to get your loan closed. Thirty days is a standard for purchase transactions and 45 days is standard for Refinances. These days you might ask the originator to pad the time
that you have to close your loan. It doesn’t cost much and it’s good insurance against busting a good lock.
My final note, always a good idea to get a good reference from someone that has used the mortgage company, and the specific mortgage professional recently. The mortgage industry has been changing very fast over the last couple years, and there are not many mortgage professionals who have stayed with the same lender for any length of time. Hopefully this trend will slow as the lending community settles under some semblance of stability in the near future.
To get additional information check out http://www.homebuyersu.com
kingwood mortgage
