You've found a house that is perfect for you. It is so appealing that you're willing to endure the hassle of obtaining a mortgage.
It is downright frustrating to shop for a mortgage these days. First of all, some stranger wants to know how much you make and how much you have in the bank. Then you have to show someone your recent tax returns. I don't know about you, but I don't even tell my best friend that information. Why should I tell some stranger? This disclosure is the price of getting a loan, though.
Have you heard about the best way to get a mortgage?
The real short-cut to finding a loan is to look on the Internet. Everyone knows you can get a better deal on the Internet. Here's a tip. Try to find a company that has outsourced their lending function to Indonesia, where they pay workers next to nothing. Your salary is going to sound like a sum fit for a king, even if it is near minimum wage.
Feeling a little more at ease? Let me assure you, you have nothing to fear. This mortgage thing is a piece of cake as long as you follow along with me. The next step is find every web site that has an application form.
It's simple. It's fast. It's painless. Plus, it's free!
Name, address, social security number. Then again, perhaps you should leave that field blank. No reason to share that with some stranger until you know that you're getting the best deal.
A word of caution. You need to be careful about identify theft, the latest crime wave to hit Fox News channel.
They report that people pretending to be you could be dangerous, if not very costly. The way to prevent someone in Indonesia from using your identity to buy a new car or something is to pretend being someone else on the application from the start. This trick eliminates the whole problem.
The way I figure it, they can't steal the identity of an imaginary person.
Only after you've figured out who you want to work with should you can give them your true information. For now, all they need to know is that you have a job and can afford the house.
Many times you don't need to fill out an application. Your loan is bound to be simple, right? Sometimes it's easier just to call (as long as they have a toll-free number) or email them and ask them for their best deal. The ones that really want your business will give you their best rate over the phone. It might just be a ballpark number you get from them, so don't worry about anything past the decimal point.
5.875% 5.25% 5.125% all easily fit into the 5% bracket.
What ever you do, be nice when you're on the phone. But don't commit to anything. Use your spouse as an excuse. Keep them on the phone for a long time to be polite, after all they probably want to hear all about the house you're buying. They love kitchens, so tell them all about the kitchen.
If someone happens to give you a rate under 5%, then you've met a winner. People who quote you higher rates are just being greedy.
Works like a charm, doesn't it?
For you emailing rate shoppers, imagine you're on the other end of the table. Someone sends you an email out of the blue. The person tells you how much the home costs, how much he's going to put down and explains he's got perfect credit. Then he expects a rate lock guarantee with a number that blows away the competition. A quick look at the message header line reveals that the 20 other mortgage lenders received this same message.
A More Effective Way to Work
That's a big no-no when trying to get a mortgage broker to take you seriously.
The problem here is that you've told the lender that all you care about is having someone give you a low estimate. And many people will gladly take you down this primrose garden path.
Then the unpleasantness of a shockingly higher interest rate or closing costs await you at closing.
My advice?
1. Don't apply to everyone. Research the person or company you are considering. Read between the lines of what they have on their web site. Is the information helpful, or are they just talking about themselves and their success?
If you want someone to help you, look for someone who is helpful. Otherwise just go to someone who treats his job like a 'mortgage factory' and people like raw materials on an assembly line. Do business with someone who specializes in working with clients with needs similar to yours.
2. Answer their questions truthfully from the beginning. Don't misrepresent yourself or your intentions. Listen to their answers. Is this someone you can work with?
Although it might feel like you are bearing your soul and revealing your darkest secret, how much you made last year has no bearing on what a professional lender thinks about you. It is used as one number to fit into the complex equation of the loan qualification.
3. Don't expect to immediately be given an interest rate based on sketchy or incomplete information.
Of course price is important, but don't focus solely on shaving every last penny. Nobody works for free. You can easily find people, that offer zero down loans. This is not the same as a no cost loan.
Lastly, you are entering into a relationship with your lender, as opposed to a one night stand. As with any relationship, expect some give and take, some discussions about your goals and objectives. You'd be surprised how much smoother the whole process goes if you tell your lender your needs.
Tony Ferlazzo makes it easy to obtain a mortgage. He's available to help you with your mortgage. For details and to get going with a mortgage, visit this site now: http://www.lightning-mortgage.com
![]() |
|
![]() |
|
![]() |
|
![]() |
If you are transferring to the Kings Bay Georgia Naval... Read More
Here are some mortgage tips that can help you obtain... Read More
The bills are out of control and you need a... Read More
The recent boom in house price values have made some... Read More
With escrow accounts the money for your home insurance and... Read More
A remortgage can be used for the purpose of gaining... Read More
If you have bad credit and are looking to get... Read More
When you are hunting for a mortgage, you will find... Read More
Home buyers are often confused about where to begin in... Read More
"You can save time and money by applying for a... Read More
Sometimes so much is talked about how to solve the... Read More
Choosing a home loan has never been tougher. Yes, with... Read More
If you're thinking about taking out a home improvement loan,... Read More
An Interest Only Mortgage is one where the repayments are... Read More
If you're looking for a cheap homeowner loan, you might... Read More
Bridging finance is a short-term loan that is used as... Read More
If you've got a wallet full of credit cards, and... Read More
The answer depends on several factors including your financial situation.... Read More
Finding the best mortgage lender online is simply a matter... Read More
There are many reasons for choosing a home equity loan.... Read More
What the average homeowner or home buyer fails to realize... Read More
The most common reason most people refinance is to save... Read More
Escrow is one of the last stages in the purchase... Read More
A pension mortgage may seem lucrative at the first sight.... Read More
With so many lenders out there, it can be hard... Read More
If you have bad credit history, no down payment or... Read More
Fixed rate or adjustable rate mortgages are two choices of... Read More
Today, FHA will loan up to 97 percent of the... Read More
Once you have made the decision to buy a home... Read More
Home is the place you inhabit. It is the place... Read More
If you are considering a new home loan anytime soon,... Read More
My visit to the lender was interrupted with my wife... Read More
Mortgages have assumed a number of characters from the time... Read More
When a mortgage broker asks a borrower to pay points,... Read More
Mortgages are easy as long as you understand them well.... Read More
The first time you purchase a home is an exciting... Read More
There are many benefits in choosing a remortgage, some of... Read More
The Research Rates of Agri MortgageFirst thing, when finding an... Read More
So you've finally decided you've had enough of paying rent... Read More
A repayment mortgage is the type of mortgage that most... Read More
Here is a useful guide to the different types of... Read More
Anyone who borrows money is always looking for the cheapest... Read More
Trying to find a quick homeowner loan can seem difficult... Read More
How many times do you check you restaurant bill? If... Read More
If you are a homebuyer, there are a few points... Read More
If you've got a wallet full of credit cards, and... Read More
When you have poor credit, your list of lenders that... Read More
Are you considering applying for direct homeowner loans? Perhaps you're... Read More
So, you've decided to buy a house, and you're ready... Read More
Owning your dream home need not just be a dream.... Read More
With the low interest rates being offered by lenders today,... Read More
Customers who opt for an interest only mortgage, and feel... Read More
Closing on a property is a very challenging time for... Read More
Buying a Home and committing to a Mortgage can be... Read More
Refinancing can be a very simple process. You fill out... Read More
The power of home equity and interest-only payments, provided from... Read More
USA ECONOMIC CONDITIONSToday's sluggish economy has left millions of people... Read More
A few years ago, many of us would have had... Read More
In recent years, the mortgage industry has introduced dozens of... Read More
So how have you planned the repayment? Don't tell if... Read More
Home equity loans are a popular way for homeowners to... Read More
If you are looking to refinance in New York, it... Read More
The process of obtaining a mortgage or home loan can... Read More
A Home equity loan has become an easy way to... Read More
Real estate lenders now offer mortgage loan quotes and application... Read More
California is a beautiful place to live There is no... Read More
Mortgage Refinance |