|
|
|
Become A Mortgage Auditing Specialist
According to U.S. Government Auditors more that 45% of all home mortgages and 75% of home equity loans contain miscalculations or errors in favor of the lender. These errors are costing homeowners to be overcharged billions of dollars per year,...
Home Mortgage Refinancing: A second chance for homeowners with high interest loans
Home Mortgage refinancing is a great option for homeowners who have a mortgage that is a couple years old, have built up some equity, but find themselves struggling with a high interest debt. The entire home mortgage refinancing process is...
Knowledge is Power When Mortgage Shopping
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...
Obtaining a Mortgage On-line
A mortgage for first time home buyers or people who are looking
to refinance their homes has become much easier in later years'
thanks to the internet and the ability to obtain a mortgage
on-line.
Of course there is your local bank, where...
WEALTH CREATION AND MORTGAGE PLANNING
by Jeff Blovits , Franklin Bank SSB p. 898-5656 copyright, Franklin Bank 2004 for more click here What if I were to tell you that almost everything you have been told about what to do with your home has been absolutely wrong and that one of the...
|
|
| |
|
|
|
|
|
|
Home Loans and Mortgages - Shop Around for the Best Deal
The real estate market has been booming in the U.S. for some five years now and a record number of Americans now own their homes. The mortgage industry has recognized the fact that people have all kinds of needs and incomes and has provided an impressive array of different types of loans. In short, there is a loan for most everyone. If you're looking to buy a home, it's comforting to know that there is probably a mortgage that will suit your needs. Before you run right out and sign a mortgage document, be aware that rates and fees can vary dramatically from lender to lender. It pays to shop around before you buy.
Money, in the form of a loan, is a commodity, just like anything else you would buy. There are a number of different people who can offer you this money, and the terms and prices can, and will, vary dramatically. The smartest thing you can do prior to buying a home is to spend a few days talking to different types of lenders to see if you can find the best deal.
Here are a few things you should consider:
<Li>Lenders come in different types - You can borrow from a bank, a mortgage company, or a savings and loan. Some insurance companies offer mortgages through affiliated lending institutions. Each institution will have different types of loans and terms, so it pays to talk to all of them.</Li>
<Li>Interest rates can vary - The
interest rate charged by each lender will vary from day to day, but one lender may offer more competitive rates than another, so be sure to ask about rates.</Li>
<Li>Points and fees - A lot of the profits an institution earns from a loan comes in the form of points and fees added to the loan. A "point" is one percent of the loan amount, and these often amount to extra profit for the lender. Compare interest rates and points when shopping around. Lower is better. And watch out for fees. A common fee added to loans these days is an early payment penalty. Watch out for that one, or you could pay a lot of extra money should you decide to refinance later.</Li>
It's worth remembering that fees and points are often negotiable, so don't be afraid to ask for a better deal. Let the lender know that you are shopping around; it may help them become more cooperative. The lending business is a competitive one, and most lenders are eager to get your business. The time you spend shopping for a loan may save you thousands of dollars over the life of your loan. It's worth the effort.
About the Author
None©Copyright 2005 by Retro Marketing. Charles Essmeier is the owner of Retro Marketing, a firm devoted to informational Websites, including HomeEquityHelp.com, a site devoted to information regarding mortgages and home equity loans .
|
|
|
|
|
|