If you are like many Americans, you may have searched for mortgage loan solutions, but could use some help before and during the mortgage process to insure you find a product that best meets your needs.
Check out the tips below to help you secure your next mortage loan.
1) Review your own credit report and credit score before you apply for a new mortgage. The banks do not want you to know your credit score, because that is your ticket to negotiating your interest rate and fees on the mortgage loans you apply for...and that cuts into their profits. Also, this gives you an opportunity to verify your credit report for accuracy, correct any errors, and determine if you can pay off some outstanding debts that may be hurting your credit. This can help you secure a lower interest rate.
If you don't check your credit before you apply, that's just like handing your hard earned money over to the bank, because you will be paying higher interest rates. Why not be proactive, and position yourself for lower interest rates and significant savings on your mortgage loan, rather than letting your lender call all the shots? Remember...knowledge is power!
2) Only work with mortgage professionals that are employed to search for the best mortgage solutions available for your situation. Think about it this way...who do you think would secure the best rates for you, Mortgage Professional A who only works with one bank, or Mortgage Professional B who has access to hundreds of banks who are ready to fight for your business? As you can imagine, if you commit to working with one lender, they may try to convince you that they are the only one out there who can provide you with the mortgage solution you are looking for. In most cases, that is far from accurate. You are much better off if you work with a mortgage professional who has access to numerous banks that will compete for your business.
3) Although it may be convenient to apply for your mortgage at your local bank, this may not be in your best interest. Banks have hidden fees that are often much higher than other institutions who are prepared to compete more for your business.
Think about this, why would your bank go out of their way to provide you with the best rates and lowest fees when they already have your business?
Now, if you closed your account, the bank clearly would have more incentive to get your business back and may provide much better rates at that time, but the rule of thumb is... Don't apply for your mortgage at a bank if you want to avoid paying higher rates.
Check out the link below to get access to 4 more Exclusive Tips that can help you save thousands of dollars on your next mortgage loan.
Mortgage Loan Tips, Sub Prime Lending Solutions, and More!
To your success,
Traci Crowley
www.i-mortgagenetwork.com
No comments:
Post a Comment