Financing in Belvedere>Question Details

J.P., Home Buyer in Tampa, FL

How do I find the best deal on a mortgage?

Asked by J.P., Tampa, FL Mon Apr 23, 2007

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5
While I agree with most of the answers provided make sure you do not let them run your credit without opting out of the “trigger lists” first! If you don’t your personal information will be sold the next day to credit card and mortgage companies? If you don’t opt out of these lists your information may fall into the wrong hands.

When you authorize your credit to be run without opting out, the next morning the three National Credit Reporting Agencies if you run a tri-merged report (or the agency you ran it through) compile a target list of consumers who have had their credit pulled in the last 24 hours. That target list is then purchased by lenders and firms who sell leads to credit card and mortgage companies. This practice stinks of invasion of privacy, unfair market practices, and would seem to be a violation of the Fair Credit Reporting Act (FCRA). Unfortunately, this practice, known as "Prescreening," is absolutely legal so you have to take action to stop this from happening to protect your privacy.

If you do not want solicitations, junk mail and phone calls you need to opt-out of being reported on these pre-screened target lists for either 5 years or permanently. To accomplish this, as well as eliminate most of the junk mail that comes from target lists that are full of your personal information sold by the NCRA, simply call 1-800-5-OPTOUT (1-888-567- 8688) or logon to http://www.optoutprescreen.com. Your mortgage planner should do this for you as part of their service but if not you can do it yourself. Make Life Happen and Take control of your financial future by opting out!
0 votes Thank Flag Link Tue Jun 17, 2008
Educate yourself and talk to as many people you can.
Web Reference: http://GetPrequalified.com
0 votes Thank Flag Link Mon Jun 16, 2008
JP,
Start with the bank that you use now. Quite often in this environment they will give since they make money off you as a retail bank. Next check with Sterling Trust, Bank of America, Wells Fargo and Washington Mutual. They are the largest lenders in the area.
After you know what the banks can do then contact a motgage broker and I'd recommend Asiling Ferguson at Quarantee Mortgage 415.345.4318 ashloan@aol.com She is very experienced and very very good.
0 votes Thank Flag Link Sun Jun 15, 2008
Jed Lane, Real Estate Pro in San Francisco, CA
MVP'08
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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
Have your local agent refer you to at least three different brokers they have used or have been recommended. Choose the best based on what you feel comfortable with, and what your accountant says you can afford.
0 votes Thank Flag Link Mon Apr 23, 2007
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