How to find the best mortgage home loan
In this article, I will help you simplify the process of shopping for a mortgage loan.
08:34 11 August 2013
Finding the best mortgage home loan shouldn’t be a complicated, daunting process. Below are the steps that you need to take to simplify the whole thing.
- Ask for recommendations. Instead of checking out all the mortgage companies in your area (which could be a lot), start by asking for recommendations from your friends and family members. Ask about the company that they’ve worked with before and ask about their experience. Get at least 3-5 recommendations.
- Check each mortgage company. Research each mortgage company before you make that call. Go onto the Internet and see if there are complaints from their previous and current clients. This will give you a clear picture of their reputation.
- Ask for quotes from all the mortgage companies that you have shortlisted and ask for quotes. Make sure that you provide them with information that can affect the interest rate. This include your credit rating, the amount that you’re going to borrow, the down payment that you’re planning to put on the table, etc.
- Ask about closing costs as these can differ from one lender to another.
- By doing the first 4 steps, you’ll know right away which mortgage company to work with. Once you made your decision, lock in your rate right away.