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D. J | What is the correct way to do mortgage shopping? |
you cant apply for a bunch of mortgages and then compare because the app fees are a few hundred dollars
interest rates may be changing daily and may change based on whats in your application.
mortgage companies may tell you a low rate then bait and switch.
so whats the best way to shop for a mortgage. |
 |
 
linkus86
 |
The best way to shop for a mortgage is to speak to a Realtor experienced with buyers and mortgage companies. Their experience will allow you to avoid the pitfalls associated with shopping for a loan and will do so without seeking financial gain from the lender you choose. |
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Ralfcoder
 |
Try getting your mortgage at a credit union. They usually bend over backwards to help their members. |
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Richard O
 |
(1) Get your own "F.I.C.O." scores. Repeated Mortgage inquiries may begin to lower your scores-and they always go down faster than they come up. ( To get "Fannie/Freddie" Financing-you need a middle score above 580-600, depending on the Wholesale Bank or Brokerage Source.
(2) It is usually better to use a Broker who can search a variety of wholesale sources for a niche that offers you the lowest payment for the term you want. (Terms range, typically, from 10-40 Years.)
(3)The only people who should consider ANYTHING besides a fixed rate, are people who, though staying in the house, are about to invest alot of money in upgrading the home, with the plan of a fixed rate refinance at a lower "Loan to Value-LTV", later, and people who planning to "Flip" the house. "Interest-Only" and "Balloon Payment" Mortgages are usually a tragedy waiting to happen, unless you are in one of the catagories above.
Other Considerations:
(1) Debt to Income Ratio: If your INTEREST BEARING Payments are more than 25-30% of your GROSS income, before adding in your rent or mortgage payment, this COULD be an obstacle.
(2) Reserves: These are "Squirrelled-Away" Monies, that to an underwriter, represent "Emergency Sources" for your payment if something goes wrong. 2-6 months minimum is a start. Some Fannie/Freddie Programs MAY let this slide, but it WILL cause a rate increase or an "Expanded Approval Level" Rating.
Reserves should be separate from a Down Payment Deposit.
ANY Downpayment is GOOD, 10% is better, 20% is best.
Also, if you can get a VA Certificate, in todays market, you may experience the overall most leniency on borderline credit issues.
Sub-Prime/Non-Prime has become mostly "Niche" Programs for people with good credit that would rather not disclose their income or assets and/or are wanting the loan done extra fast. |
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vhlending
|
I would say, contact a local mortgage broker AND the bank where you have your checking/savings account and let them know you are shopping and let them compete for your business. If they are charging you a fee just to apply, MOVE ON. Don't pay it - there are plenty of brokers out there that don't charge such nonsense.
The bait and switch is such bullshit - if anyone pulls that with you just refuse to sign and remember you always have the right of recission (change your mind).
Get it all in writing - make the lender/mortgage broker provide you with a Good Faith Estimate and compare them.
If you would like further assistance, I would be happy to help you. My email is vhlending@yahoo.com.
Sincerely,
Melissa Curtis
Mortgage Broker |
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Open Book Advisors™
|
Excellent Question!
First, You are not limited to companies that charge an application fee. We do not.
You need a person you can trust. There are alot of people in the mortgage biz who have never had their own mortgage or whose credit is shot.....find an advisor with certification like Open Book or another that provides a tangeable reason to trust.
#1 You should make sure the same information is on every application you make. You have to be able to compare apples to apples.
#2 You shouldn't go off what is told to you. You need to commit enough to the process to actually get a Good Faith Estimate in writing. Yes if you just call 10 loan officers and want rate info over the phone based on non confirmed information or hypotheticals you will get their best case scenerio on todays rates at best, and the bait and switch at worst.
#3 The best way to shop is to
#1 dont apply for consumer credit (credit cards, stores charge cards, a car etc) just before looking for a mortgage.
The bureaus expect people to shop for a home loan, so you will have a window of opportunity to have your credit pulled for a home loan without getting dinged for it. If you pay for it you can request a copy and ask others to work off those scores, but keep in mind whoever you go with will need a report issued in their company name eventually.
#2 understand that nobody works for free. Not the guy sitting at the bank, not the hero fireman, not your mortgage guy. no cost loans is a marketing strategy that works on many people, but keep in mind noone works for free and you wont get treated like you can be played.
#3 understand what are negotiable costs in your loan and what are set in stone. Origination fees can be collect upfront (reflecting lower rates) or can be worked into your loan (termed "on the back end" or 'rebate' reflecting higher rate).
Know what are the typical JUNK FEES people get stuck with. Like an application fee. Too much to post here
Use your good faith to compare side by side comparisons. Words mean nothing. Commit enough, yourself, to the process to get estimate in writing and compare them.
If you have any other questions hit our LIVE CHAT on our website!
Good Question! |
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kate
|
None of my lenders charged for a prequal letter .
Where do you live that they charge fees for the application ?
I got one from my regular bank , one from the Internet and one from the brokerage - at no cost .
They tell you how much you are eligible to borrow and what their rates & fees will be IF you go with them .
Sorry that they charge for this where you are .
Maybe you should check around , because maybe not all lenders charge for the info in your country .
> |
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mulk s
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When shopping for a mortgage loan, it is not difficult to find a number of differences in interest rates from one lender to the next. When you start shopping, you will be in search of a general quote to provide you an idea of which lenders have the best offers |
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earth angel
 |
You have to let the tounge do the shopping.
Call them and talk to them and be smart or else they will outsmart you.
Tell them up front that you are shopping around so that they will give you the fines quote because they will feel that they have to compete with other mortgage originator/officers or banks. Ask the bank first and then compare. Good luck.
Don't tell them you have no knowlege of loans - tell them that you want to compare.
Arm - is low interest rate but only in short time (like 1 year)
1/1 means rate that you agree for one year (the top 1) and will change every so often (lowest 1). This loan is only good if you know that you are not going to stay in your house for a long time - you needed to refinance after a year that you got the loan. (a must to refinance)
Fixed conventional - good loan, 20% downpayment, rate will not change for a long long time whether is goes down or goes high - you can always refinance and change this rate whenever you want. (30 year fixed, 15 year fixed, 40 year fixed, good credit score, high income.etc. etc. not everybody is qualified sometimes.)
Don't buy a neg-am kind - this is double jeopardy. -low monthly, low rate but if you don't refinance within specified time, you will just work for this loan - foreclosure could be not very far.
Tell them you wanted to be pre-qualified - don't apply yet or sign any application (1031) form yet. Just be pre-qualified. Need your accounts all of it, salary and other source of income.
Good luck. |
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Am_I_Bluffin'??
 |
Use a mortgage broker. They will shop around and get you the best rates. They collect their fees from the lender not you so it won't cost you a thing and you can be sure you're getting the best mortgage for you. |
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Carolinahomerates.com
|
stay with well known companies. they are less likely to lie.
bank of america..big bank
lendingtree....big online lender.
carteret mortgage...one of the biggest brokers in the US.
most credit unions use mortgage lenders
depends also what product you're looking for.
Not all lenders offer FHA or government products. |
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