What should a first-time home buyer do to secure the best interest rate possible on their loan?

Asked by Trulia Philadelphia, Philadelphia, PA Fri Oct 19, 2012

Clearly educating yourself as much as possible is key, but how many different people should you talk to? Who exactly should you talk to? Are referrals enough?

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Fred Glick, Agent, Mountain View, CA
Fri Oct 19, 2012
Since this is Trulia asking the question, let me answer it this way:

Don't overeducate yourself. Talk to people that you trust, a few of them. Also, search the area you want to live in and talk to people who live there. Those are the best!

Get comfortable with a great mortgage broker (who can offer rates and programs from MANY lenders- not just one). Also, find a great agent that understands what you want, what you need, knows what places to show you based on your financial situation and don't have an aol email account!

Always make sure that you have your own buyer broker. NEVER have an agent represent you and seller. That's called dual agency. It's like being represented by the same lawyer that is prosecuting you.

But, most importantly, use your own gut instinct as to what YOU feel works for you!

Happy Hunting!
0 votes
Carmelle Jea…, Agent, Springfield, PA
Fri Oct 19, 2012
Shop around during the next 30days for the best possible interest rates at various financial institutions. You should do this within a 30-day period to avoid negatively influencing your credit report by too many checks for an extended period of time. In addition, this will be the perfect way to get institutions to be willing to decrease their rates to obtain your business. Never be afraid to negotiate. The worst they can tell you is no. If you need a real estate agent, I would be happy to represent you.

Century 21 Absolute Realty
512 Baltimore Pike, Springfield PA, 19064
Cell Phone: 215-900-6656
Business Phone: 610-328-4300 x130
Email Address- Carmelle.jeanpaul@century21.com
Website- http://www.jeanpaulestates.com

In addition, feel free to check out my blog, jprealtyblog.blogspot.com for more helpful advice on the home-buying process.
0 votes
Philip J. Cu…, Agent, Feasterville, PA
Fri Oct 19, 2012
Talk with an agent that you plan to work with. As you interview agents ask their view point and read articles from HUD.gov The best is to talk with people one on one and not on the internet this way you can get to know the person and it is always a two way street

Philip J. Cunningham Sr
V.I.P. Realty Corporation
7942 Bustleton Ave
Philadelphia,PA 19152
Web Reference:  http://www.GreatPaRE.com
0 votes
Don Sherman, Agent, Philadelphia, PA
Fri Oct 19, 2012
You can shop with multiple lenders to compare rates but your credit score will be the biggest factor in your rates and how much money you will be putting down .
As far as the home purchase, interview with different Realtors and see which one your comfortable with.I would like you to contact me to sit and talk but

please make me the last Realtor you interview, then, make your decision .
Lookforward to speaking with you.
As far as a lender ,be sure to call Dan
Carnation from Boulevard Mortgage .I have used him for 15 years & he is terrific .
DonSherman -SRES
Century21 Advantage Gold
-Email -realtor94@gmail.com
0 votes
Sheri Curci, Agent, Newtown, PA
Fri Oct 19, 2012
The normal is a 60 day lock with the Mtg Officer.
Usually there is a 1/4 point fee beyond the 60 day period.
Stay Local and stay away from call centers that have a processor across country and the Mngr is on the other side of the country.
Stay Local + your info and contact personnel with work better for YOU!

For additional LOCAL PhillyBucks County PA info...... see below web refferance.

ALL the BEST! John Curci RE/MAX Properties 215-757-2889
0 votes
Reid Rosenth…, Agent, Philadelphia, PA
Fri Oct 19, 2012
You can start by calling a Mortgage Banker who originates their own loans. Usually for the best rates but you can bounce those rates off competitors and other Mortgage brokers who shop around for the best rates.
Try calling a company like Wells Fargo Home Mortgage and then take those rates over to our (Prudential Fox and Roach) Mortgage company and see if they can beat the rates and vice versa. Trident Mortgage. It all comes down to your credit score and down payment percentage however. Call me with any more questions. 267-626-7613. I can get you in touch with the best mortgage brokers/bankers in the city.
Reid Rosenthal
Prudential Fox and Roach Realtors
Web Reference:  http://Www.reidrosenthal.com
0 votes
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