Finding That Perfect Mortgage

Unless you’ve been extremely lucky, then you’ll need a mortgage loan to buy your next home. If you’re a first time buyer or you just have a hard time managing your finances, then choosing one can be a pretty daunting prospect. As soon as you start researching something like this, you’re bombarded with all kinds of different options and jargon which are hard to understand. In this post, I’ll pass on some of the best advice I can offer for choosing the best mortgage for your situation.

 photo pasted image 0_zpskgcagzbu.pngCredit: Picserver

First of all, be sure to compare every last factor in the quotes you’re getting. When you start getting different quotes from lenders and banks, make sure that you’re not simply looking at the interest rate. While this is certainly important, it’s not the only thing that will determine how the mortgage will treat you in the future! Be sure to check out all the rates and fees, including origination fees, points, and any other expenses you might come across. Also, make sure you don’t get taken in by flashy, advertising rhetoric. Remember that when a loan is presented as “no-fee”, it simply means that the fees are tied up in the rates. If you want the best deal possible, you’ll need to compare everything down to the finest detail.

Next, make sure you’re doing some research into the person who’s actually going to handle your loan. This is often a loan officer, a bank employee or a professional mortgage broker. Be sure to ask about their professional history; their qualifications and the firms they’ve worked for in the past. Are they licensed? Do they belong to an authoritative body of mortgage professionals? Ask them for references, or go looking for some trusted, impartial reviews. Before you ask anyone “which mortgage loan is right for me?” you need to be aware of who you’re asking. The worst thing you can do here is assume that you’re in good hands just because the bank or lender is prestigious and well-established. A company’s success doesn’t always reflect the people who work for it.

 photo pasted image 0 1_zps7lx4qe55.pngCredit: Pixabay

Finally, be sure to give the loan officer involved all the details you can about your current situation. When you’re trying to find the best quote possible, all sorts of things can come into play. If your credit history has been shaky, then you need to milk your loan officer for all the help and advice you can get. If you’ve recently changed careers, gone through a foreclosure, or been self-employed, then they may be the only way of finding your best possible mortgage deal. The officer themselves may not be able to help you. However, if you give them all the right information on your personal finances, they should be able to come up with a decent solution. No decent loan officer will pull credit on you without trying to find some other way forward.

Follow this advice, and you’ll be well on your way to finding a mortgage which is great for your situation.

Speak Your Mind