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Knowledge is Power When Mortgage Shopping
Author: John DiDomenico
Knowledge is Power When Mortgage Shopping
Knowledge is power when it comes to shopping for home mortgage loans. Shopping for the best rate doesn’t have to be frustrating provided you have the proper knowledge when comparing mortgage loans. Lenders love to play tricks in order to entice you to give them your business. However, when you compare loan programs it’s essential that you not only compare interest rates when choosing which lender to go with. For example a lender this afternoon offered me a rate of 5.625% fixed for thirty years with zero points. The loan sounded very good until he said there was a lender fee of $2,495 in addition to the credit report fee, government charges, local taxes, and appraisal and attorney fees. This particular lender said this fee was for the application and commitment fee. The loan amount was approximately $200,000 which was equivalent to almost a 1 point loan, (meaning 1 percent of the total loan amount). Therefore, the other lender that was charging 5.625% with a ½ point and a $395 application fee with no commitment fee was a much better deal. It’s essential to request a good faith estimate and to compare all of the lenders offers side by side. The good faith estimate is an approximation of all of the fees associated with the loan. The good faith is required by law to be given to the potential borrower. Make sure to request one and to look at all the fees, because that low rate, may not be so low after all.
You may freely reprint this information on your website provided the following caption remains intact.
“This information courtesy of http://www.mortgagemoola.com Click here.”
John DiDomenico is the founder of Mortgage Moola who helps educate homebuyers and homeowners on their purchase and refinance needs via the http://www.mortgagemoola.com website. To find a home mortgage loan that best suits your needs visit http://www.mortgagemoola.com.
About the Author
John DiDomenico is the founder of Mortgage Moola who helps educate homebuyers and homeowners on their purchase and refinance needs via the http://www.mortgagemoola.com website. To find a home mortgage loan that best suits your needs visit http://www.mortgagemoola.com.
Article Keywords:
Home Loans
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As you may know, I have a very deep passion for real estate and mortgages. In
fact, this website is a true labor of love for me.
As publisher, one my many duties is to review the many books, programs
and courses about real estate and mortgages that are on the market today. I’ll
be honest with you. Most of them are garbage. (Although
I do strongly recommend the programs in the “Must Have” box
above).
But, let me tell you, when I came upon the following headline, I new
I found a winner…
“Learn How To Quickly Build At Least $40,000
Worth Of Home Equity And Pay Your Mortgage Off In 10 Years Or Less”
-Without Making Biweekly Mortgage Payments-Or Changing Your Current Mortgage.
Now, the reason I knew it was a winner was because of the name behind
the headline. Craig Romero. Many consider Craig to be one
of the true geniuses in our field. I have a lot of respect for
him, and I
urge you to drop what you are doing right now and click the link below... |
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