Friday, 3 June 2011

Looking for a Mortgage?

If you have decided to take the leap into home ownership or you are interested to go for refinance home loans for your current mortgage, one of the first things you will need to do is track down a mortgage.

I honestly can’t tell you just how many mortgage companies there are in the United States, but I can tell you this, there are a lot of them.

Mortgage companies also come in a few different forms. You might recognize one as your local bank, but there are also wholesale lenders who use not only there own loan officers to originate mortgages, they will also use mortgage brokers. Than you have your retail lenders, who use only their own employed loan officers.

Because there are so many mortgage companies out there, the industry has become highly competitive.

So before you commit to the first lender you approach and start filling out applications, look again, and consider shopping around. Like I said, the mortgage industry is highly competitive, so let them fight over you when you are applying for a home mortgage loan.

You don’t have to go crazy when shopping for a lender. No more than five inquiries should be your limit. Talk with them, find out what programs they have to offer, and at what rate. Ask about closing costs. Remember, closing costs should not exceed 5% of the total amount of the loan at the very most. (This does not include the down payment).

By shopping around, you will be able to get a feel for what is out there, and whatever lender offers you the best deal to fit your needs and your budget, should be your lender of choice.

The down fall to speaking with one lender is, you are limiting yourself too just their products and services, as well as their rates. How do you know you can’t get a better deal somewhere else? Most likely you can.

Shop around for a mortgage the way you would shop around for a car. Look at a few of them at different dealerships, test drive them, discuss pricing with the sales person, than once you and the selling party have come to an agreement, make the purchase.

Buying or refinancing a home is not something you want to rush into. So take your time and educate yourself. Talk to people within the industry, shop around, than make an educated decision based on what best fits your needs. You can always use Mortgage Loan Calculators for better safety.

89 comments:

  1. You have offered very good advice about shopping for a loan. There is a big difference in rates, closing costs, fees, and the charges for an appraisal.

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  2. Nice advice about mortgage. Thanks :)

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  3. Though there was a severe recession in US when the banks got bankrupt in recession however, US government assisted the financial sector to cope up by granting them.

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  4. I think it's definitely an idea to shop around for mortgages especially in the current economic state.

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  5. Your tips are very helpful. Everyone must be wiser this time. Thanks!

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  6. Great article. There are many gimmicks and advertisements for low rates, but it's important to know the facts and fine print. Word of mouth is a great way to find reputable and helpful lenders.

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  7. Very nice article..

    Everybody needs a home and so for need home loan too. Home loan is a big help in buying a new or renovate a house so we need good Mortgage companies. Thanks for such helpul info..

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  8. I would start with your bank because if you've had a good relationship and standing with your bank, it looks good on your part. Thanks for the information.

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  9. Wow, wonderful weblog format! How long have you ever been blogging for? you make blogging look easy. The entire look of your site is excellent, neatly as the content!

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  10. I would say spend as much time learning about the HUD1 and ask as many questions as needed to understand all your closing cost.

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  11. Having a good mortgage company is what you must aim to do first when you've decided to buy new/renovate a home. For having the best may help you to save money. So better be wise in choosing the best. And as what bluehead stated in this blog, you must need to shop around for the good one. Happy shopping for the best mortgage company!


    Residential Condominiums

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  12. Great tips! Looking forward for more...

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  13. Thanks for the tips! Your blog has great information that has helped. Do you know what the current rates are in CA?

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  14. This is great. I agree with you that to shop around is one of the most effective strategy in finding a mortgage.

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  15. I'm about to learn a bit about mortgage loans and I happened to find this blog. Thanks for sharing. :)

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  16. great thanks for teaching about mortagages!

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  17. great thanks for teaching about mortagages!
    from greece thanks!!!!

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  18. Great tips about mortgage, congratulations.

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  19. Thank you, I was looking for updated mortgage information!

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  20. In searching for a particular loan, one should give a thought about the particular differences in costs, fees and most importantly to educated your self about it. Great post and thanks for sharing!

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  21. There are a lot of great deals on mortgages out there if you have good credit and a nice down payment. Good advice!

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  22. this is a Nice advice about mortgage. Thanks,......so Please log on our website for Jaipur Property

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  23. Thank you very much for giving me this chance and writing such an interesting blog. Good recipes.

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  24. With regard to mortgages, fixed rate is the only way to go for peace of mind. Variable mortgage rates is what got us in this foreclosure mess. I feel bad for people stuck in a variable rate mortgage with Congress stalling out with raising the debt ceilings. If the US government defaults, rates will be going up. If you can , lock in now to a fixed rate

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  25. This is perfect location and very interesting place to live.I appreciate that you have shared this informative reviews. I'm so pleased to have cross over on this informative post.

    Thanks

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  26. A referral from a friend or real estate agent seems like a good starting point for finding a reliable lender.

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  27. this is a great thanks for teaching about mortagages......thanks for sharing

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  28. Such great advice for anyone looking to buy a house. Too many people don't shop around and then are stuck in a mortgage that they don't want and that could have been so much better if they'd only looked around a little more and talked to a couple more people.

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  29. I definitely agree. Any real estate buying would need time to decide and everything should not be rushed. This blog is insightful in uses of mortgages. Thanks for the info.

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  30. This is great advice - mortgages can be a really great asset but they can also be tricky, and it's best to shop around and make sure you have the right one before you make your choice.

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  31. Came across your blog when I was looking for help. That was really what I was looking for and I'm glad I finally got! Thanks for sharing and keep up the good work.

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  33. When I first visited your blog, I liked the concept of your blog posts. It is very well portrayed as well as depicted.

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  34. Thanks for sharing this blog. Guides in choosing important mortgage company will keep everything in tract. This would be a good guide for everyone. Thanks!

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  35. Great tips here. Well, there are definitely a lot of things to consider when you are trying to buy or planning to rent. But I guess, don't limit yourself, that's one thing I so agree on this post!

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  36. There are so many things to learn about when considering a mortgage. It's important to go with a reputable company. A realtor can help in that area.

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  37. Thanks for this blog and well, selecting only most trusted firm and following guidelines can help a lot. Only decide if you are about to understand your needs and surely matches your bills.

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  38. True, shopping around gives you more (and often better) options. The mortgage industry is now more competitive than ever. In fact, it has become a virtual rat race to the top. Let them come to you as they try to give better offers and top the lenders who offered before them. It will be for your own advantage.

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  39. Great tips! I agree that buying or refinancing a home is not something you want to rush into. Take time to know the things you need to know and educate your self before you decide.

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  40. Nice advice.Thanks for teaching about mortagages

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  41. Speaking to a lender will often get you a great deal, especially if you come prepared with offers from other lenders. You will be surprised what kind of deals you can get through competition. Great post!

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  42. Thanks for sharing your thoughts about mortgage.

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  43. Thanks for your such sharing and tips with, its great work.

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  44. Great article, no doubt it contributed to remarkably. Thanks for sharing this great article. I truly enjoy your topic.

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  45. Great article, no doubt it contributed to remarkably.

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  46. Wow, this is the great post,Thank you for sharing very much and good luck.

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  48. Nice and simple article with great approach.

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  52. Very interesting post, especially these days!

    Thanks for sharing.

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  53. Like your thinking, and fully agree with your thoughts. Continue to write and to share with us your wonderful work.

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  54. Doing your homework prior to selecting your mortgage professional is imperative to your success.

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  55. Trusted friends, real estate agents and often times your accountant can give you referrals to lenders you may want to consider.

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  56. I agree, talking to various mortgage officers can give you the chance to make a better option.

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  57. It is true that there are alot of mortgage companies out there at the moment but I still feel as though there could be more competition in terms of the rates that these companies are offering.
    Maybe the market ws "too" competitive before the recession but I think a balance needs to be found. One that benifits both the consumers and the mortgage providers

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  58. Very helpfull blog about mortgages. You have to take one of the biggest decisions of your life when you buy a house. This article can help you to take the right decision. Thanks.

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  59. I concur with your idea. You should survey first before making your final decision.

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  61. I agree that getting the home value would take several ways, and as explains here in the blog, appraisers and realtors are two of the most important people to call. This way, it would be easier for any homeowner to determine the market analysis on mortgage refinance. Thanks for posting.

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  62. This is great advice for anyone searching for a mortgage,

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