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Where to Find a Mortgage Lender
from: Deb St. George - HomelessInKingCounty.comIf this is your first time buying a house, you probably are trying to figure out where to get a mortgage lender. Often, people don’t go looking for a mortgage lender until they’ve looked at some houses for sale. However, that may be a mistake in this economic climate. You may end up finding the perfect house and realizing only too late that you can’t find a mortgage lender to qualify you for a loan. So, start early to look for a mortgage lender and have all your documentation in order to make the purchase less stressful and more efficient over all.
Mortgage Brokers
You can start the process by either looking in the phone book for local mortgage brokers or contacting the local board of realtors to get a listing. Either way, you will find many different mortgage broker companies listed that can help you find a great mortgage professional. Another more reliable way is to get a reference for a mortgage lender from someone you know. Sit down with the mortgage lender early to find out how much house you qualify for or whether there are any issues that will keep you from getting a mortgage that need to be resolved.
Online Mortgage Lenders
There are broker listing agencies on the Internet, like lendingtree.com, that allow you to put in your information for people in the mortgage industry to bid competitively for your business. This can be a great way to get acquainted with whether you make an attractive client or whether you get few offers and poor terms. Then, you can start to address the issues and try again later, if it doesn’t work out. Getting a mortgage is a lengthy process and don’t be too upset if they ask you for paperwork that may seem redundant. It’s in their interest to verify your loan and ability to pay your projected mortgage and it can save you the problem of buying more than you can afford.
Realty Agents
If you are already in the process of home shopping, you can ask your real estate agent to hook you up with a mortgage broker. This isn’t the preferred method, as you have no idea what type of business relationship a real estate agent might have with a particular mortgage lender. The one they steer you to might not be the best lender, but rather one they are receiving some sort of payback from by steering business to them. Although this isn’t always the case, it’s something to be aware of when trying to find a reputable mortgage broker who can offer a competitive bid.
Best Mortgage Rates News
National mortgage rates for May 17, 2012
Interest Rate Roundup Mortgages CDs Auto Loans Home Equity Credit Cards Find the best mortgage rates in your area. Mortgages 3.97% (30-year fixed) 0.44 (average points)Mortgage rates reached record lows, ...
Read more...30-Year Mortgage Rates At Record Low 3.79 Percent
Average U.S. rates for 30-year and 15-year fixed mortgages fell to record lows for the third straight week. The rate on the 30-year loan dipped to 3.79 percent. The 15-year mortgage, a popular option for refinancing, declined to 3.04 percent.
Read more...Mortgage rates for May 17, 2012
I'm Greg McBride with Bankrate.com and here is your weekly look at mortgage rates. Mortgage rates declined for the 7th time in the past 8 weeks, and set a new record for the 4th consecutive week.
Read more...Mortgage rates hit record low
WASHINGTON (AP) - Average U.S. rates for 30-year and 15-year fixed mortgages fell to record lows for the third straight week. The steady decline has made home-buying and refinancing more affordable than ever for those who can qualify.
Read more...Mortgage rates cut but don't expect a war
Despite fixed interest rates being cut to 40-year lows a financial commentator says it's not the start of a full-scale mortgage war.
Read more...With mortgage rates so low, how to swing a refi?
As mortgage rates hit another record low, some homeowners ponder whether it's worth reaching into their savings to buy their way into the refinance craze. Others have the privilege of cashing out and reinvesting ...
Read more...Mortgage rates hit a new low
WASHINGTON (AP) - Average U.S. rates for 30-year and 15-year fixed mortgages fell to fresh record lows this week. Cheap mortgage rates have made home-buying and refinancing more affordable than ever for those who can qualify.
Read more...