Friday, 3 June 2011

Let The Mortgage Companies Come To You

The mortgage industry is a highly competitive one, so it is considered wise to shop around for the best deal and let the mortgage companies fight for your business when looking for a home mortgage loan.

The mortgage industry exceeds far beyond that of the banks you see on every street corner as you head into town.

Besides the banks there are the wholesale and retail lenders. Most wholesale lenders encourage the help of mortgage brokers to bring them potential borrowers.

Most mortgage brokers on average deal with more than two hundred wholesale lenders alone. These wholesale lenders are a very diverse group, and their programs and specialties vary from lender to lender.

So if you are considering purchasing a home or to go for refinance home loans for your existing mortgage, don’t be afraid to shop around for the best deal.

It is important to remember that when you are shopping around for a mortgage, nothing is final until you sign on the dotted line at closing.

So don’t be shy when it comes to shopping a few mortgage companies. Remember that they are very competitive and hungry for your business. So allow them to assess your situation, and whichever lender comes back with the best offer to fit your needs and budget should be the lender for you.

When shopping around for a mortgage product, don’t feel the need to keep this a secret. By letting a loan officer know your intentions, you will most likely send them the message that you don’t have time for games and that it will be in their best interest to make you their best possible offer. Mortgage Loan Calculators can be the best utilities to go for better analysis about your finances when applying for a mortgage plan.

36 comments:

  1. One thing that I think more consumers forget is that these banks NEED customers. Just like car salesmen, these lenders make money by having us choose them. Let them fight for you :) Great article.

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  2. Great post. Lenders are just as hungry to make the sale, as homebuyers need a home. How many lenders would you suggest to contact before sticking to one?

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  3. Interesting point. Never thought about lenders chasing after me for a loan, rather than the other way around. Thanks for the advice.

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  4. this is a bold move. since getting approve is part of the game, this might be hard to do. but given the chance, it would be fun to turn the tables for a change.

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  5. I certainly agree to some of the tips that you have tackle down on this post. Glad to have drop by reading this informative review.

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  6. I am a mortgage broker and my advice would be to definitely shop around for the best deal. You will get a much better deal. There is always someone that we be willing to do your deal for very little. Just shop it.

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  7. you will also be able to get a better deal through a broker then going to a bank. Brokers have access to many lender rates and not just one.

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  8. This is great advice! My sister is thinking about getting a mortgage on her house, I need to make sure she reads more articles like this before she does.

    ~Kayla

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  9. There are many ways of selling house, but it depends on the situation, if anyone want good price or anyone wants to sell it quickly etc.you have given a good post regarding mortgage.Thanks for the post..

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  10. I love the idea. The mortgage industry has become a virtual rat race to the top making them very competitive. Now that the tables are turned, let them chase after you as they are very eager to close the deal and it comes to our advantage.

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  11. I have read many stories and know many people who have ruined their lives due to taking mortgage in order to get small amount of loan on their homes. Ultimately they were unable to pay the required interest in time and declared as bankrupt . They lost their home and lost everything and now they are living miserably.

    lincoln square real estate

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  12. This is a very Interesting point. Never thought about lenders chasing after me for a loan, rather than the other way around. Thanks for the advice.

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  13. Good tips, it's better to shop around for a mortgage and have the lenders compete for your business. Sometimes prospective buyers just look to their retail bank, but by using the Internet they have a lot more options.

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  14. I didn't realise that the lenders are so aggressively fighting for business. Thanks for the tip!

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