"Think Mortgage Services and Loans are All the Same"? Think Again!
Learn From Storybook Properties What Steps "You" Can Take to Get the Very Best Deal Possible and Save Thousands!

Before hunting for mortgage services, get armed with some critical information that all borrowers should know before starting the process with their local bank or favorite mortgage broker. That is of course unless you have money to burn and just don't care!

Be aware that the advertisements you may receive through the mail, see on television or hear over the radio that announce or tease you with exceptionally low interest rates, are most likely just that…"a tease"! You will soon become knowledgeable about mortgage services and finally learn why.

Although undoubtedly there are programs or instances where the rates are what the company is advertising, it is seldom that a borrower will qualify perfectly all around for that specific program. But guess what? You made the call and even though you didn't qualify for that program, you are now fair game for them selling you a different one. You reacted how they wanted you to. You called them!

Critical Tips You Must Know!

1) Your Credit Score Can Make or Break Your Deal!:

Your credit score will drop points each time an inquiry is made. This means holding off on any inquiries, any purchases such as auto loans, or applying for credit for any reason is essential.

Do not authorize your credit to be run until you feel sure about what lender or mortgage broker will be handling your loan. A score that falls below the minimum will likely result in program disqualification or a higher interest rate.

It's good to shop around, but without running your credit until you have interviewed a few loan company prospects and then make your choice.

2) Interview Lender's and Broker's About Mortgage Services They Offer:

A few simple phone calls to your bank, credit union or a mortgage company will give you an idea of what fees they charge (loan origination points, processing fees, application fees, etc) as well as what types of financing they provide. Some may not have approval to process FHA or VA loans.

Ask about the terms of conventional financing versus government (FHA) or (VA) if applicable. Determine which program fits your situation best. While conventional financing boasts a bit of a better interest rate, the down payment and other borrower qualification requirements are more stringent.

All programs are credit score driven and the interest rate will be based on your middle score as well as other criteria.

If you know about what your middle score is, ask the loan company "hypothetically" what the interest rate would be as of today based on your score and assuming that you will also conform to all other program guidelines.

Again this is hypothetically for the purposes of selecting a loan company based on the rates and fees that they are currently offering.

3) Compare "Apples to Apples" (all terms equally):

One loan company may quote you "no points / no fees", but it is likely that the interest rate they will be charging will be higher than another company that say charges "1 point / $500 in fees", however offers a lower interest rate. It is basically "six of one, half a dozen of another". They are all in business to make money one way or another. It's not a bad thing, you just need to know so you can make an informed decision!

To help insure equal comparison, ask if they are quoting you a "PAR" interest rate. A par rate is the actual rate that the lender is offering without paying a yield spread premium back to the loan company as well as no additional point charges imposed on the borrower known as a buydown. It, for simplicity sake is the "baseline rate".


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