I am mortgage shopping and its overwhelming. Any advice on?

Question

who has the best deal?
-Have 10% down
-Credit score 639
-no debt

Answer 1

This is a great question.

Mortgage brokers all over the country have access to mostly the same programs as everyone else. Rate is the worst thing you can shop for when getting a mortgage.

First, since they all have the same bag of goodies, stay local. I highly suggest you find someone you can meet in person and shake their hand. Meet their staff and become familiar with the office. You will be able to judge how well you can trust this person with your biggest asset.

Let them know that you know all about the loan process and what to look for. This will urge them to give you the best deal. Read up on mortgages before you jump in. This is a great blog to learn everything about the mortgage process and the people involved: http://www.explaintome.blogspot.com

Get and study their Good Faith Estimate. Know that brokers will get paid either by fees or in the rate. When given the choice, fees don't sound bad after all!

Bottom line: The scenario you gave is a joke to mortgage brokers. I've worked with 100's of lenders and I don't know any that would deny that loan unless I'm not getting the whole story.

The mortgage broker that will give you the best rate is the one that is motivated to. Let your broker know these three things:

1) You know how the mortgage process works and how they get paid. Therefore you won't be taken advantage of.
2) You realize that brokers don't work for free and you will not be unreasonable. You'll work with him to negotiate the best deal for you and him.
3) You'll do anything you can to help the broker close your loan as soon as possible. (here's an idea for bonus points. show up at the broker's office unannounced with your W2's, most recent paystubs and bank statements, and your tax returns if you're self employed. Bring in a copy of your drivers license. Don't just bring the license, make a copy first. He'll know you've done this before and you really know what you're doing.)

Do these three things and you'll impress the pants off the guy. If he knows you mean business and you'll work with him to close it quick, he can get by charging you less than average.

Answer 2

Hi there,

Yes, shopping for a mortgage can be overwhelming but working with the right mortgage professional can make the world of difference. Here are some tips is choosing the right mortgage professional:

1.) Make sure you're working with a person who is knowledgeable, experienced, sincere and has your best interest in mind.
2.) The mortgage professional takes the time to educate you and has a game plan to help you pay off your mortgage and meet your retirement goals.
3.) It is NOT a good idea to work with someone who will just throw numbers at you over the phone or even an email for that matter. You want to work with someone who provides a thorough analysis giving you several scenarios for comparison. This should be in writing in a form of a spread sheet.
4.) Work with a trusted person who can help you improve your credit

I am a mortgage consultant and can help guide you in conquering your financial goals. I understand the loan business to be a fiercely competitive market. But I also believe that there is more to home financing than simply securing the lowest interest rate. That's why I ask a lot of questions and take the time to listen to your answers concerning your overall financial picture. I want to offer you the best option to achieve your financial goals, whether it's buying your first home, consolidating debt, or preparing for retirement.

Email me at: [e-mail]

-Gerry

Answer 3

There is not enough to recommend one program, however if your a first time home buyer, you might want to look into a State Bond Program. Normally, they have better interest rates than your traditional FNMA rates. Second is if your only looking to live at that location for a short amount of time, then I would suggest that you look into a I/O ARM program. You will be looking at obtaining a 80/10/10 loan to avoid PMI, however don't discount PMI just yet. Have the loan officer give you a break down on a 80/10/10 program versus a straight 90%. Hope this helps, contact me directly if you have any questions.

Answer 4

You might try going with a mortgage broker. Your real estate agent should be able to reccomend someone. You will not get the absolute best deal, but you should get a decent deal that matches your needs.

Answer 5

I could see a residents recommendation bureau first, they supply unfastened recommendation, despite the fact that it is just to factor you in one more course like a debt leadership corporation. Good success, I feel that you're taking the proper steps, and now not instantly into any such consolidation mortgage corporations.

Answer 6

Anyone can get the deal done.

Make sure you trust whomever you're working with because the biggest variance is in the fees.

I have long relationships in the business and get 40% discount on my third party fees.

Shoot me an email and I'll give you honest advice :) Lisa, [e-mail]

Answer 7

I would suggest. If u are taking out mortgage in the uk, go for a fixed deal, the indications are that the next move for interest rates is up!!!!

Answer 8

I can help you out, I am a mortgage broker who works with over 100 lenders and I service all 50 states, please contact me asap [e-mail] I will find the best lender to suit your needs!

Answer 9

I have a wonderful lender I could refer to you. I'm a realtor here in the South Bay and I recommend this guy to my closest friends.

email me at [e-mail]

Answer 10

Get a partner in life, like a husband, this will up your buying potential. I recommend http://www.e-loan.com/ for the loans.