Hello Lauren,

I am Jorge Nunez a Realtor with Exit First Coast Realty in Jacksonville Florida; hopefully I'm too not late. I would like to advice you to find the nearest State Housing Initiative Program (SHIP) and start there. You will be amazed what these fine people can do for you. If it does not work for you than please tell a friend so they may benefit from it.

Hi Lauren:
Looks like Ben pretty much covered it and I especially like his advise about getting at least 3 separate bids from 3 separate brokers. In addition, pick a loan officer that will sit and talk with you about ALL of your options - not just rates. For example, if you live in Aurora, you may be able to get assistance from the HOPE program. Not many lenders are aware of this nor do they want to do the footwork.

I won't rehash what Ben has already described but I sure would like to be considered as one of the 3 lenders you choose to get an estimate from. I am actually licensed in BOTH real estate and lending and have been doing this for over 10 years now. I'm also happy to be able to tell you that none of my clients have gone into foreclosure. Reason being.... they got the right advice!

If you're interested in talking to me further, please call me directly at 303.523.5534.

The mortgage company's name is Residential Mortgage Professionals and they have been around for over 25 years. My company is called All-In-One REalty and you can read more about us at http://www.AllinOneRealty.BIZ

Best of luck and I hope to hear from you soon
Karin

Hi Lauren,

As a mortgage broker, I have a unique perspective on your question. Mortgage brokers are, in general, signed up to broker loans through multiple different lending institutions (banks, etc), and will shop for the best rate and loan programs for their borrowers through hundreds of different sources on the day that you are looking to lock. I encourage my borrowers to shop at least 3 different mortgage brokers or banks to find the best deal. Be careful in your search, as rate is not the only factor. The closing costs and points can be inflated to lower your rate -- the best bet is to get a Good Faith Estimate (GFE) from the loan officer so you can compare the overall costs of the loan.

If you're looking for a high Loan-to-Value (little down payment) the FHA loans are very competitive. However, if you have money to put down on your home, don't forget to ask about conforming loan options as you may find yourself with a better rate and lower closing costs.

As for particular companies that have better deals, when it comes to rates, money for mortgages all comes from the same place. As rates increase or decrease at one lender they will do so at the next. Differences can be found between lenders, but they are normally small 0.125% - 0.250%. Look for a mortgage broker, or loan officer, who has the experience to guide you toward the loan that is the best fit for your situation, and who will do it at a fair price and with integrity.

You will be working closely with your mortgage broker, or loan officer, for the better part of a month – if not longer – and sharing details about your credit history, income, job history, and assets. Find someone who is a good fit for you by interviewing them, asking for references and deciding whether or not this is the person you can trust to bring your deal to the closing table. Above all, you want to know that you can trust them to look out for your best interests and get your loan closed.

If you’d like to talk in more detail about the advantages of using a mortgage broker – and to find out if I would be a good fit for you – give me a call at 720.280.0441 or e-mail me at ben@bythebrookemortgage.com.

Take care, and good luck with your search,

BE

Ben Edgson
Mortgage Broker

720.280.0441 – phone
720.206.0998 – fax
Ben@bythebrookemortgage.com

Hi Lauren,

The lender rates change several times each day for FHA loans. You and your agent need to go rate shopping the day you get an accepted contract in order to know you have the lowest market rate.

Bill Kosena, ABR, CRS, SRES