Financing in Solvang>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

Help the community by answering this question:


SHOP AROUND...just like with any MAJOR purchase, you have to put in some leg work so in the end you're not sorry with what you did when you see the bank next door maybe had the same rate, but no fees.
0 votes Thank Flag Link Fri Dec 10, 2010
Shop for your loan. Provide your credit score to loan officers and provide them a brief synopsis of your income and debt. Ask them, based on those assumptions, what programs they would recommend.

Loan officers will want to pull your credit, verify your assets and income before committing any program, but you can ask them to invest 30 minutes based upon an assumption that your data was accurately recommended. It's a reasonable request and you need not provide your personal data to everyone within the first 5 minutes.
0 votes Thank Flag Link Sat Oct 13, 2007
Deborah Madey, Real Estate Pro in Brick, NJ
30 year fixed rate is the only game in town so that will narrow your search.

Adjustables are now a complete joke and short term fixed rate mortgages are only a bandaid and are actually at higher rates then a 30 tear fixed rate rate loan.

What is wrong with this picture?

Don't get sold on short term fixed rate loans.

Take the 30 year fixed. Do not listen to the do gooders that sell anything else. You'll only dig yourself into a huge hole.
0 votes Thank Flag Link Sat Oct 13, 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
Shop your loan.
0 votes Thank Flag Link Mon Apr 23, 2007
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