Also make sure to contact a credit union because they often have the lowest rates and low "lender related" (garbage) fees.
Here is an informative website by a Wharton Business School Professor on how to "shop for a mortgage":
One of the upfront lenders is http://www.Amerisave.com/myreal/Alma
All the best,
Alma Rose Kee, PA
Future Home Realty http://www.SoldOnTampa.com
Be aware, if you only look at the big banks, you will be shoe-horned into one of their product....the one that potentially generates the greatest revenue for them. B of A packaging is all about alternative revenue streams for Bank of America. Should you hit a bump in the road in the future, the newspapers are saturated with how Bank of America will treat you. These folks are so bad I am considering adding a surcharge to any purchase offer submitted with BofA as the finance source.
However, if you consult with a mortgage broker, even your financial planner, you may discover your situation is better served through non-bank products. Mortgage brokers have access to hundreds of money sources that have a wide portfolio of products that are optimized for the incredible array of situations a citizen may find themselves.
For a mortgage specialist I recommend call Alexa at (cell) 727. 409. 3869
DISCLAIMER: I receive no compensation as a result of the above recommendation. However, mentioning my name will result is special attention.
Best of success in purchasing your new home.
Palm Harbor, FL
Thank you for the "Best Answer"!
Also Iberia Bank has given low lender fees and low rates--especially since you have 20% down. My client shopped everywhere and actually decided on a 10 year adjustable mortgage because they are certain to move before 11 years.
IBERIABANK Mortgage Company
Vice President/Senior Loan Officer NMLS#419375
Cell: (813) 295-4660
EFax: (813) 200-3650
All the best,
Alma Rose Kee, PA
Future Home Realty
Shawn K. Miller
VanDyk Mortgage Corporation
3450 Buschwood Park Drive, Suite 345
Tampa, FL 33618
Financing Dreams Into Reality
Branch Manager/Open Mortgage
14502 N Dale Mabry Hwy #312A
Tampa, Fl 33618
NMLS # 213058
2011 WCR Tampa Treasurer
Best of luck!
You'll want to ask what the pre-approval process entails and how long it takes. Will the underwriter who will be allowing your loan to close be the person reviewing your file as part of that process? Will it just be the loan officer reviewing your information? Will they even ask you for documentation?
You'll also want to ask what types of programs they offer, and once your documentation has been thoroughly examined you'd want to get what options would then apply to you, as well as ask what your loan officer thinks would be the best loan program for your situation. Ask about the other program that would be 2nd best (as if the first one didn't exist), so you can realize why the loan you are being suggested would be the best.
You'll want to ask what type of fees & costs you could expect to incur along the way (credit report, earnest money deposit, home inspection, appraisal fee, lender & 3rd party closing costs, etc.), how much those costs are estimated to be, and when they are expected to be paid (at the time the service is performed, at closing, etc). You'll want to ask how much of a down payment you'll need, and if you have to provide it or if a family member or relative can gift it to you. You'll want to know how much extra money you would need to have beyond those costs & down payment, which are called "reserves" (ie. 2 months of reserves = 2 times your proposed housing payment), some programs don't need them but a lot do. You should also consider yourself how much you want to have on hand after you close on the home, it will vary depending on your comfort level but personally I feel at least 6 times the proposed housing payment is a safe plan.
You'll also want to ask what type of loan terms can they offer you if you were to lock in your interest rate today (you should ask all lenders you are considering this question on the same day so you can have an exact comparison, as interest rates fluctuate day-to-date and even can be intraday).
You should also ask when & how they will be available - are you someone who likes to discuss things after the normal work hours on the phone? In person on a Saturday? Through email? Someone where or not where you live?
There are more variables to think of, some will have greater importance to you and others will not, however I truly believe that you will have a feeling of pure comfort inside of you when you have found the loan officer who will be the perfect fit. You will leave the conversation having a full understanding of the road ahead and what is expected of you, as well as you'll feel the loan officer has left no stone unturned when going over your situation, listening to and addressing your needs.