September 23, 2017

How to Shop for a Home Mortgage

“KNOWLEDGE IS POWER”  Residential mortgages may seem, by turns, confusing, confounding or aggravating. I believe that clients who are armed with the most accurate information have the greatest opportunity to help themselves.

So, if this introduction wasn’t enough to make you call me to help you buy a home or refinance your current mortgage, what kind of recommendation would I make to anyone shopping for a mortgage?

Shop For a Loan Advisor, Not Rates.

Shopping for mortgages is smart, but shopping for the best mortgage advisor is the best way to do it. If you have a good advisor, you’ll get the best rate. The best loan agents will quote a rate only after they’ve analyzed the client’s entire financial profile and analyzed the home’s value and condition. This is called “Pre-Approval”. While this process seems slow and may be discouraging, skipping this step will get you a “rate” that is inaccurate. At best this complicates and drags out the home purchase or refinance, at worst the prospective borrower may spend a lot of time and money only to find themselves unable to close.

Because the mortgage business is so competitive, rates and fees among professional lenders are pretty consistent. Once you have found an advisor you trust, work with them to pick a rate target you can’t or won’t go above, and give them a standing order to lock when they see it.

Your loan advisor should brief you daily or weekly on the market outlook, so if you’re not sensing market competence from your agent, keep shopping.

As always, if you want to be sure you’re working with a true professional, someone who will always have your best interest in mind, please feel free to email or contact me at my direct line anytime.  I answer my phone seven days a week.  You can find all my information on my CONTACT page.

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