2007-01-27 14:22:21 · 7 answers · asked by kdub 1 in Business & Finance ➔ Renting & Real Estate
There are a number of online services that get you free competitive quotes from several lenders (the "when banks compete, you win" idea). The quotes are based on the info that you enter, including self-assessment of credit. Here's one such service -
2007-01-27 14:45:44 · answer #1 · answered by Anonymous · 0⤊ 1⤋
Shop at least three and up to seven mortgage sources. These should include brokers, bankers, lenders, and credit unions. Shopping around for a mortgage does NOT lower your credit score. The credit repository engines recognize that you are shopping for a single loan. Within a 14 day period, you will be treated as looking for one loan, not many different loans, and your credit will not be hit. Go to any of the credit repository web sites - Experian, Equifax, or TransUnion, and you will see this explained in detail. Anytime someone gives you a reason why you should not shop around, discount the advice immediately!
Avoid the web sites that shop around for you. They charge a fee to the participating lenders, which the lender gets back from you by charging an eight to a quarter more in your rate.
For today's rates from many lenders, a good resource is www.bankrate.com. You can see the information without having to sign up for anything or apply for anything.
2007-01-27 17:22:00 · answer #2 · answered by CJKatl 4 · 0⤊ 0⤋
Go talk to a loan officer at a bank or a mortgage broker and compare. Credit is not all that is looked at, your down payment, your salary and savings are all part of the package. You will be given a quote and an amount of time where that rate is locked in. For more info. email me.
2007-01-27 14:34:16 · answer #3 · answered by yezznoyezzno 1 · 0⤊ 0⤋
All have good answers, but if you want to know the interest rate for your credit and credit score.
All banks just about offer the same products and loan programs with the different qualifications in each of their programs.
Your interest rate is based on your credit score and how well you have paid your consumer debt over time.
In order to find out the type of loan programs and interest rate you are qualified for you will have to fill out a loan application, with a mortgage broker, who has many underwriters to underwrite his loans. You will find one in your local telephone book.
Please don't go shopping your credit score will go down because each person you inquire about your interest rate will run a credit check thus, causing lots of inquiries on your credit report, that is why I recommend mortgage brokers, as oppose to one single bank that only offer their products and programs.
He will fill out this application, which takes awhile so grab your favorite beverage and sit down. Once you have completed the application, he will then run your credit report which will have your credit scores. These credit scores will determine your interest rate.
The amount of your monthly debt payments you are required to pay as per your credit report and the amount of mortgage you can take on based on your income will determine the amount of house you will be able to purchase.
When you speak with the mortgage broker you will need the following documents to complete the loan application
#1 One month of pay stubs for each person that will be on the mortgage.
#2 Six months bank statements from each bank in which you bank as well as statements from any 401K from you place of employment.
#3 Two years of federal income tax along with the W-2 that match.
Once he has all that he need to do he can then issue you a pre-approval letter so you can purchase a home.
In this pre-approval letter will be the amount of house you are qualified to purchased.
Once he gives you this pre-approval you may now find a real estate agent to find yourself a home or he might have a referral.
Once you have found a home the real estate agent will then prepare a contract for you and the seller to sign.
Your mortgage broker will now order an appraisal to show proof of the property value.
The mortgage broker might ask for additional information or documentation, don't get all up tight this is normal, just supply the information or find the documents needed.
After the appraisal has been completed you will be called by your mortgage broker to sign your loan docs so you can take possession of your new home.
I this has been of some use to you, good luck
"FIGHT ON"
2007-01-27 15:59:15 · answer #4 · answered by Skip 6 · 0⤊ 1⤋
Don't just call any mortgage company!!!!!!!!!!!!!!! Do your research. Some are good, some are bad.
Ideally you would find a mortgage banker that comes to you as a referall from your family and friends. Ask them who they use for their mortgage.
Just an FYI that interst rates on a 30 year fixed right now are in the mid to low 6's for no points.
2007-01-27 14:39:51 · answer #5 · answered by Matthew L 2 · 0⤊ 0⤋
Consult a reputable Mortgage Broker in your area. Feel free to consult more than one. They will compare rates of various lenders to find you the lowest rate possible.
2007-01-27 14:29:31 · answer #6 · answered by David 3 · 0⤊ 0⤋
That's easy, go to http://www.nationwidebillrelief.com/homepurchase.html they gave me the lowest rate. They have many companies competing for your business.
2007-01-27 19:42:46 · answer #7 · answered by Anonymous · 0⤊ 1⤋