TIPS for Shopping for Your Mortgage!
Nicole Kittredge
Experienced & Reputable Branch Manager at New American Funding. Ask About Our FAST Mortgage Pre Approval ??
It is of utmost importance to all clients that they receive a fantastic deal when it comes to their mortgage loan program, interest rate and closing costs.
How does one ensure this is the case? Follow these three easy TIPS!
TIP 1 - COMPLETE A FULL APPLICATION It is easy to be enticed by low rates posted online. The old adage applies, if it is too good to be true it probably is. Completing a full application will provide details such as Property Type, Employment history, Asset balances, Credit Scores and history, Down Payment, Loan Amount, Lock In term needed and more so you may receive an accurate quote for your situation. Online rates typically promote rates for clients with 20% down, with paying points, and sometimes a 10 day lock in (very rarely does one lock for 10 days!) without properly disclosing those details. Completing a full application helps to ensure you receive an accurate quote.
TIP 2 - OBTAIN QUOTES IN WRITING When you apply for a mortgage loan, your Loan Officer should provide detailed information pertaining to your future Mortgage. This should include Program Type, Interest Rate, how the Payment is calculated, a breakdown of all Costs involved, and additional details that will help you compare loan options and rates.
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TIP 3 - WORK WITH A TRUSTED PROFESSIONAL Did you know that not all Loan Officers are created equal? Some do not have to be licensed! The average experience for online loan officers is less than five years. Many experienced and reputable mortgage professionals are available to guide you through the home purchase or refinance process. You will know when you meet one as you will be offered detailed advice and an explanation of the process and costs. If you have completed an application, received a Pre Approval and sent on your way that is not a true mortgage professional as you were left out of the most important step, receiving and reviewing the numbers.
A true mortgage professional will go a step beyond and add information on what to expect, what the timeline looks like, assist with reviewing any gray areas, answering questions, and do so not just 9 to 5, but be available when you need them. Use these tips to help shop for your mortgage, and ensure you receive an accurate quote, a great rate and guidance from a Mortgage Expert that puts you first. Nicole Kittredge (508) 816-4156 [email protected].