Halley S., Home Buyer in New York, NY

How do I find the best deal on a mortgage?

Asked by Halley S., New York, NY Mon Apr 23, 2007

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Answers

6
Hi Halley,

I can only recommend to you what I recommend to all of my customers.

1. Avoid local mortgage brokers, I have seen too many Good Faith Estimates be wrong when it was time for the rubber to meet the road. They almost all seem to "forget" to mention certain criteria that costs the borrower money in the long run. I have a mortgage broker license and when I started to place my license I was being told I could do things that as REALTOR® I had seen done and felt bad for the borrowers so I decided to not participate with any of them.

2. Most commercial banks now have mortgage products that equal or beat any deal you can get from a local lender so check them out.

3. These internet mortgage companies are even harder to deal with, especially if there's a snag at closing since the computer sitting on the desk is hard to deal with. Far better to havea human at the closing.

I know I'll get Thumbs Down from everyone in the mortgage broker business but i really believe a lot of our current problems with the "Mortgage Meltdown" starts with them

JD “Dan” Weisenburger, GRI
Broker-Associate REALTOR®
Vanguard Realty, Inc. GMAC Real Estate
Web Reference: http://www.neflahomes.com
0 votes Thank Flag Link Sun Apr 13, 2008
The best way to find the right mortgage for you is to first check with the bank you do your banking with. Next, ask people for referrals. Friends, family, or your realtor can often provide you with people they have dealt with and have good reputations, experience, and are willing to find the best mortgage for you.
0 votes Thank Flag Link Sun Apr 13, 2008
Get 3 different quotes from different lenders. Some lenders may do a match or will commit to beating the lowest quote. It is always good to be able to look at more than one quote to see and compare it to others. They are all so different. Some will charge you discount points. Others will not. You will get to see all of the differences and be able to make a better judgment.
Web Reference: http://homenashvilletn.com
0 votes Thank Flag Link Mon Oct 15, 2007
Going to a bank is fine but keep in mind they can only offer you what products they have. A Mortgage Broker can offer you several lenders at once and shop your loan for you. Most of the time the Lenders will pay them directly so it does not cost you anything other than a lower rate. I work with today's Premiere WHOLESALE Lenders. These Lenders include: Bank of America, Wachovia, Indy mac Back just to name a few.
0 votes Thank Flag Link Mon Oct 15, 2007
A good Rule of Thumb is if you have great credit and good relationship with your bank, they are probably going to be able to give you the best deal. Banks are going to be a little stricter and there is more red tape in order to qualify. A Broker will have a wider vareity of loan products. Interview at least 2-3 Mortgage Lenders and make sure to compare apples to apples. If you can get references from past clients, by all means call them and check on the service. Remember that a mortgage is not just about the payment and the interest rate. Primarily, focus on the best loan that fits your financial needs/ goals, not only for today, always keep the future in mind.

Good Luck
Ken Herrera
Century 21 Infinity
0 votes Thank Flag Link Fri Oct 12, 2007
You can find the best deal on a mortgage by using using our Keyes in-company mortgage broker.
0 votes Thank Flag Link Mon Apr 23, 2007
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