2006-11-27 10:07:07 · 9 answers · asked by tess 2 in Business & Finance ➔ Personal Finance
bank&offer is an oxymoron,my good friend...
2006-11-27 10:09:30 · answer #1 · answered by papalloneta69 2 · 0⤊ 0⤋
I think that all depends on how you define "best mortgage". Mortgages are not all about rate, although many lending companies would lead you to believe it is. When shopping for a mortgage, you need to think of several factors:
1) Fixed versus ARM (Adjustable Rate Mortgage) - this choice is dependent upon how long you plan to live in the home. If it is a short period, then an ARM might be for you.
2) Closing costs - while many lending companies advertise a really low rate, many kill you with hidden closing costs and end up making up the monetary difference that way.
3) Life of Loan servicing - will the loan be serviced for the life of the loan with the same company. While this may not seem like a big deal, it can often effect the customer service your receive or how difficult it is for you to get information on your loan at a moments notice, such as change in escrow, rate changes with an ARM, etc
Many of the companies that offer a super low rate do not care how stretched your budget will be with said loan. All they care about is the bottom line, which is securing your loan (read: money for 30 years). Be wary of any company that will loan money to any one that applies.
My advice to you is to talk to a personal banker at the financial institution where you currently have your deposit accounts. You will most likely get the best deal (all around) with someone that knows your finances and will guide you with your family and your financial goals in mind.
2006-11-27 12:11:26 · answer #2 · answered by just another chick 2 · 0⤊ 0⤋
Mortgage rates are based on Wall Street index.These days some how steady.All the banks have a good offer,subject to your credit score, and how much you can put up as a down payments Try Green Point Bank,Astoria Federal Savings and Loans,Commerce Bank all they have to offer you most similar rate,..
2006-11-27 10:13:32 · answer #3 · answered by precede2005 5 · 0⤊ 0⤋
It depends on your credit rating. Every bank has different things they look at when it comes to loaning you money...and they all have a minimum credit rating that they go by for the rate you get. Check around...but try not to give out your SS# to every bank...just the ones that think they may be able to help you. Inquiries on your credit report lower your rating. If you are really serious about getting the mortgage, then make sure you go through with it. Get your qoutes around the same time, and then pick one of them. That way it won't damage your credit, because others will be able to see that you were just shopping for the best rate, rather than companies not wanting to give you credit.
2006-11-27 10:12:46 · answer #4 · answered by gjcarr003 2 · 0⤊ 0⤋
There are a host of banks that are offering good deals just now. Bearing in mind that interest rates have gone up, it would pay to shop around. Everything does depend on your circumstances. Try a bank that has fewer products like Nationwide or even northern Rock. From a personal experience, I think they would offer you a good deal.
2006-11-28 01:20:01 · answer #5 · answered by joe d 1 · 0⤊ 0⤋
Abbey National best rate and fixed rates for 3 yrs fantastic
2006-11-27 10:16:35 · answer #6 · answered by Ivan 3 · 0⤊ 0⤋
Halifax.
2006-11-27 10:09:21 · answer #7 · answered by lonely as a cloud 6 · 0⤊ 0⤋
the one that will give you the dam thing..... they treat you like your gonna take all their money and do a runner....
mortgages are a real hassle....good luck
2006-11-27 10:08:53 · answer #8 · answered by confused 6 · 0⤊ 0⤋
Varies daily - check moneysupermarket.com
2006-11-29 21:20:08 · answer #9 · answered by scallywag 4 · 0⤊ 0⤋