Home Buying in New Haven>Question Details

Roshan, Home Buyer in New Haven, CT

How do i find the best mortgage rate?

Asked by Roshan, New Haven, CT Wed Mar 7, 2012

Can I shop on the internet like I do for everything else? Or do I just roll up to the bank? What's the procedure here? And if my wife and myself both have really good credit can we negotiate with lenders to give us a better rate?

What exactly are lender fees and points? How does that work?

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Answers

5
Julie Traver Lucia’s answer
You can also ask the lenders for a good faith estimate before you choose who to use, that will give you the best idea of all the closing costs. You can always ask for a closing credit from the seller when you make an offer in the contract too. I would be more than happy to assist you further, Julie Lucia, Showcase Realty, 203-578-5631; julie@julierealestate.com
1 vote Thank Flag Link Wed Mar 7, 2012
Roshan,
Mortgage rates depend upon the full picture so if you go on the net you will only get guesses. We do not negotiate rates (unless you can give a bank several million dollars to work with each year). You should speak to a mortgage officer, but they will need a full application to give you a correct answer. They will offer you a rate with points and without. It will depend on what you select.
Most lenders charge $1200-1480 in fees. The rest of the closing costs goes to other companies.
1 vote Thank Flag Link Wed Mar 7, 2012
You can use the internet. You can contact the bank or credit union you have your accounts with also. Sometimes they have better deals because you are already their customer. You can also ask for recommendations from your Realtor. They often have mortgage people they work with, know and trust to treat their clients fairly. I do.

Lender fees vary so be sure to ask what they are right up front. Some are ridiculously high. Others are reasonable. They cover the cost of the mortgage processing which is very paper intensive and time consuming.

Points are a percentage of the loan amount usually paid at closing which will reduce your long term mortgage rate.

I'm a Realtor and would be happy to work with you as you search for a new home. I can be reached at 203-231-8474.

Wendy Noel
1 vote Thank Flag Link Wed Mar 7, 2012
Call Joann Flanagan @ 203-592-1333 she can give you great advice on the mortgage process and very good rates also?
1 vote Thank Flag Link Wed Mar 7, 2012
Hello Roshan,

You can check the overall rates on the internet, f.e. Bankrate.com.
But, that's not state or credit score, or loan amount specific.

That's why it's great to check out on some large bank's rate, a reputable mortgage company, and a credit union. Their competitiveness changes (depending on their financial goals), so you might benefit from checking out these different types of lending institutions.

Good luck,

Irina Karan
CDPE - Certified Distressed Property Expert
IrinaKaran@gmail.com
Beachfront Realty, Inc.
0 votes Thank Flag Link Wed Apr 18, 2012
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