David Podgursky

I love this question... the best deal definitely sounds like you're shopping for rock bottom rates and closing costs. The problem with that is that you get rock bottom service as well.

Do you entrust the cheap guy with your finances?

Would you shop for heart surgery by the lowest cost?
Would you shop for the lowest cost for anything and expect the best product?

No... the best deal is the loan that fits your needs based on your Credit, Income and Assets ... not just now but also for the future.

Many loan officers will just write you any loan you want without even looking at the facts...which is one of the reasons why the lending industry is in such a mess...

the real answer to your question is NOT:

1) Get a no closing cost loan - where do you think the costs go?? they vaporize?? no... you'll get stuck with SOMETHING you don't want and it is usually a higher APR and long prepayment penalty. Lenders don't give things away...
2) run around town and tell people to give you the best rate/terms without getting some sort of prequalification with REAL information about you...

You need to find someone you trust and someone that comes highly recommended... someone that can help you through the steps.

Then you can the feeling of security that you're getting the best DEAL... Deal by the value of working with someone who is honest, truthful and lives a life of integrity....

a mortgage broker like that ALWAYS gives the best rates - Sun Aug 12 2007, 18:37

The first big big step is RELAX

It is TRICKY - but not hard.

you need to get past the way the questions are worded. The book's questions are purposely worded strangely in order to give you an idea of how they will try to mess with you.

I have taken the real estate exams in two states and the mortgage exam here in Florida.

Don't listen to your classmates... just go in with a clear head and you'll do fine.

The cram course should be targetted to the questions that are most frequently asked.

Just follow a few steps...
get the question in front of you...
skim it...
read all the answers...
then READ the question slowly
then reread all the answers before you pick one...
that will hopefully ensure you're not getting caught in the test's double-speak - Thu Aug 9 2007, 10:01

the MARKET?? That is a BROAD question.

The ENTIRE Market is one thing but the neighborhoods and cities are another. They can all have their ups and downs ...

Some markets have already recovered!! - Mon Aug 6 2007, 18:20

there is always room for another experienced, competent and capable appraiser.

right now, MAI's and other commercial appraisers are totally booked to the hilt...
if you specialize in residential, I would at least hook up with a big company for a while to learn the lay of the land. - Mon Aug 6 2007, 17:23

The best deal on a mortgage... what a double edged sword!

The best deal is finding the mortgage that you can afford and that fits your unique needs.

There really is no need to shop out a loan if you are already connected to an honest and well-heeled Mortgage Broker. If you do decide to check around, know your credit and scores (all three!) first by going online and purchasing a credit report. The free ones simply do not provide the right information.

With your MIDDLE SCORE in hand, you can talk to some brokers and banks and give them information like your assets, income, job stability and let them offer you a couple of different loan programs.

The difference in the programs from lender to lender to broker to broker may not be evident so you need them to send you a Good Faith Estimate AND TIL - Truth in Lending. If there is a particular broker that you "click with"... then let that lender see the other good faith estimates to compare apples to apples with you.

A good broker will TELL YOU UP FRONT if he/she cannot beat another offer.

If someone will not provide you with a GFE at all... even just an example, then move on. Let them know that you won't work with them without it.

The trick then is to find out what other fees you will be paying... just because the rate is better doesn't mean it is a better deal!! - Mon Aug 6 2007, 14:57