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Be Prepared When Seeking A Mortgage
By Mark Lambie, Fri Dec 9th
When you're looking for a mortgage, whether it's a first timeloan or you're taking advantage of an opportunity to refinancean existing mortgage, it may seem that you're wading through aquagmire of uncharted territory. If you're prepared ahead oftime, you'll avoid some of the common pitfalls and know how tofind the best deal for your situation. Remember that you are the consumer and that you are shopping fora service. That means that you have the right to be treated as acustomer. Ask questions and keep asking until you get all theanswers you are looking for. If a potential lender is reluctantto spend the time addressing your concerns, you don't have to dobusiness with that particular company. In today's market withthe opportunities to shop for a mortgage online, finding alender is the least of your worries. Look for the best interest rates, but also search for a lenderwho offers the mortgage without the high closing costs. Thereare likely to be some requirements for closing the loan. You maybe asked to pay for an appraisal, home inspection and even asurvey if property is involved in the transaction. Those arefairly standard but be wary of a company that charges a largeadditional fee
for closing costs though you can expect amoderate fee. A lender is a business and as such, is in businessto make money. That means that you as the consumer should expectto pay for the service, but comparing fees and interest rateswill help you find the best possible deal on your mortgage.
Finally, be aware of unbelievable claims. A company thatpromises you'll be approved for a loan regardless of credit isprobably making promises that they can't keep. If you're askedto pay an application fee with this guarantee, you could bewasting your money. In some cases, the lender will approve theloan, but will make unreasonable requirements for repayment ordown payment. If you then can't meet the terms, the company willhave fulfilled their promise - they did offer you the loan. Yourapplication fee is typically non-refundable and you've simplylost that money.
About the author:Mark Lambie is the founder of The Loan House a website thatallows consumers to quickly and easily get mortgage quotes andmortgage information.
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