Financing in Turlock>Question Details

Stephan, Home Buyer in San Francisco, CA

How do I find the best deal on a mortgage?

Asked by Stephan, San Francisco, CA Mon Apr 23, 2007

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4
Ask your REALTOR! They are cognizant of the lenders that close loans on time, have the best programs and rates! They are also aware of the lenders that go that extra mile in explaining details to the borrower, and do not have 'surprises' at close of escrow.
1 vote Thank Flag Link Mon Apr 23, 2007
By "best" I'm sure you mean "lowest rate"!

Well it's a tough endeavor and here's why...by the time you get a quote from one lender at 5.5%, Lender #2 and #3 are going to quote you a rate that's .125 - .25% lower! Who do you go with? Who do you trust?

First thing is first! You want to gather and organize your paperwork this way you can effectively pit one lender against another.
Read: The Mortgage Application Process
http://www.industry-report.com/ricardobueno/2007/11/the-mort…

By compiling a Credit & Income package to "shop" your lenders, you'll be sure to receive "accurate" rate quotes as you shop your pre-approval!

For information on Mortgage Rates, you can visit my Daily Mortgage Updates here:
http://www.industry-report.com/ricardobueno/daily_mortgage_u…

I trust you'll find the articles referenced here resourceful...if there's anything I can do (such as make them more specific, etc.) to make them more resourceful, please let me know.
0 votes Thank Flag Link Wed Jan 16, 2008
Call a local professional who is working with buyers on a regular basis. In some cases you can BUY DOWN THE INTEREST RATE. If your Realtor knows how to write a seller-credit into the contract, you will have your closing costs covered AND a lower than usual interest rate. A good Realtor knows good lenders too. Like Pam said, a lender who can get it done in the contract time allotted will save you stress, time, and thousands of dollars. New national legislation is on the way to regulate who can sell loans, and those who committed fraud over the past five years will also feel the pinch. Give us a call. We can help.
0 votes Thank Flag Link Tue Jan 15, 2008
In order for my answer to be long enough to pass muster I must talk alot.

My answer is: ASK ED.
Web Reference: http://www.edmonaghan.com
0 votes Thank Flag Link Tue Sep 18, 2007
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