How to Get a Good Mortgage Deal
Knowing how to compare good faith estimates from mortgage companies will help you make an educated decision when deciding which lender to use.
Lender Fees: Lenders sometimes display their fees as one bundled fee or break them down so you can see where the money is being allocated. When comparing good faith estimates for the same rate from different companies you should start by focusing on the total lender fees. Points, origination, discount, processing, administration fees, appraisal fees, underwriting all fall into the top section of the estimate.
Title and Escrow Charges: These fees are not charged by your lender but they can be a determining factor to use a specific lender based on the rates they have negotiated for these services on your behalf. Some lenders will tell you that these fees are the same no matter who you choose. That just is not the case.
If you really want to dig and get the best deal sometimes you can capture savings by choosing a lender that works a tiel and escrow company and has bulk rates for all the services including title, escrow, loan signing fee, and the major endorsements.
When the third party fees are all coming from the same company lenders are able to negotiate better deals for their clients. When title, escrow, and notary are all coming from the same place the company is able to get a little more aggressive with each piece.
The total fees on your transaction should be your main concern. A lender that has gone the extra mile to deliver third party fees that are cheaper has you in mind.
Estimate Date: Since the mortgage market is very volatile make sure you are comparing estimates from the same day. Even if you are not ready to make a decision today you can narrow down your options and find the company you want to work with by comparing who has the best offer for that day.
Trust: The good faith estimate is just the beginning of your transaction. You feel comfortable in the way the company has presented themselves and with that they will deliver. Do they have any complaints against them? Your financing can be a very painless and transparent process as long as you work with the right company.
Good luck in your search! This is an important decision for your financial future. Make it a pleasant and beneficial one!
Lender Fees: Lenders sometimes display their fees as one bundled fee or break them down so you can see where the money is being allocated. When comparing good faith estimates for the same rate from different companies you should start by focusing on the total lender fees. Points, origination, discount, processing, administration fees, appraisal fees, underwriting all fall into the top section of the estimate.
Title and Escrow Charges: These fees are not charged by your lender but they can be a determining factor to use a specific lender based on the rates they have negotiated for these services on your behalf. Some lenders will tell you that these fees are the same no matter who you choose. That just is not the case.
If you really want to dig and get the best deal sometimes you can capture savings by choosing a lender that works a tiel and escrow company and has bulk rates for all the services including title, escrow, loan signing fee, and the major endorsements.
When the third party fees are all coming from the same company lenders are able to negotiate better deals for their clients. When title, escrow, and notary are all coming from the same place the company is able to get a little more aggressive with each piece.
The total fees on your transaction should be your main concern. A lender that has gone the extra mile to deliver third party fees that are cheaper has you in mind.
Estimate Date: Since the mortgage market is very volatile make sure you are comparing estimates from the same day. Even if you are not ready to make a decision today you can narrow down your options and find the company you want to work with by comparing who has the best offer for that day.
Trust: The good faith estimate is just the beginning of your transaction. You feel comfortable in the way the company has presented themselves and with that they will deliver. Do they have any complaints against them? Your financing can be a very painless and transparent process as long as you work with the right company.
Good luck in your search! This is an important decision for your financial future. Make it a pleasant and beneficial one!
About the Author:
Before committing to a mortgage company visit this site to compare mortgage rates and request a good faith estimate.
posted by Debt Consolidation Loan at
9:35 AM
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