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Home > Finance > Mortgage > Mortgages-Tips to Get From Application to Closing
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Mortgages-Tips to Get From Application to Closing
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You've found your home and negotiated a good price. Now you've found a
lender and you qualified and submitted all your paper work and got
approved. Boy what a hassle sure glad that's over. Wait a minute there
friend-it isn't over!!!
It is just like buying a car-once you get to the finance office you
think you're done and can breathe a sigh of relief-wrong again!!!
Finance offices in car dealerships are profit centers and big ones too.
Mortgage lenders are not all touchy feely, make you feel good, have
your best interest at heart, leave that warm fuzzy feeling kinds of
folks. You need to be responsible and step up to the plate and do your
homework, get multiple quotes, and keep you eyes wide open.
After all it is the biggest purchase of your life.
Here are several things to be on the lookout for that might just save
you some money but most of all help insure that you got a fair and good
deal on your loan and get you from application to closing without a
hitch.
---LOAN OFFICER SHOPPING. My fiancée, who is a
professional shopper, would be the first to tell you SHOP SHOP SHOP!!!
This is the biggest purchase of your life, do your homework and find
the best mortgage guy or gal in town. Don't just ask your real estate
agent who may be in partnership with a crook mortgage broker. All of
the lending programs are pretty much the same. Find the best lender.
And COMPARE.
---OVER BORROWING. The idea here is when you apply don't
fall victim to the idea that if you just got an interest only or ARM
you could qualify for a bigger house. Of course you can. Then when
reality sets in in two three or five years and you have the full burden
to pay plus a premium you may not be able to afford the house. Mortgage
lenders are there to sell you things not to insure you can make the
payments.
---HIDDEN COSTS Interest rates are not the only costs
associated with the loan. Frequently there is a cost associated with
getting a good rate. Get ALL costs in writing up front and compare to
what happens at closing. Lenders rely on the stress factor knowing if
they get you in the closing room and they pull a fast one you seldom
have an option. Have an OPTION.
---WATCH FOR EXTRAS. Credit life insurance, biweekly
payment programs, the list goes on and on. Most of these are not worth
the money but they will make your lender happy because they represent
huge profits for them.
Most Mortgage Loan Officers are honest hard working folks. Like any
industry there are always 3-5% that are bad apples. Those are the ones
with predatory practices that give everyone a bad name. Have a backup
lender standing in the wings just in case something goes south on you
at closing. Don't be intimidated into accepting something that isn't
right.
Following these tips will help you get from the application process to closing of the loan without any problems. |
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