TOP FIVE MORTGAGE TIPS
- SHOP ONLINE: While the first offer may seem like the most compelling, compare at least three offers. Shop several lenders both online and via the phone before you decide on your mortgage. By obtaining several offers you will be able to determine what the average rate and cost should be for your mortgage.
- BE PREPARED TO WALK AWAY: If something sounds too good to be true, then it's probably is too good to be true. Low introductory rates were the norm during the refi-boom. Do not let yourself be drawn into a mortgage based on terms that you're not familiar with or don't make sense.
- CREDIT UNIONS AND BANKS: The top lenders in the country and mortgage brokers have received bad press. So you might want to consider local credit unions and banks. They offer lower fees and competitive rates. Morever, if you are a member of a credit union, there may be added benefits to using their services.
- EDUCATE YOURSELF: Knowledge is power. The more you understand how mortgages work, where mortgage money comes from, and how the economy sets mortgage rates and what fees are appropriate for your loan, you'll be able to negotiate on your terms. Educated mortgage shoppers are also less likely to get hoodwinked.
- USE SOMEONE YOU TRUST: Whether you use a bank, an online lender or a mortgage broker always use someone you trust. Your mortgage is your biggest liability and the largest debt you'll undertake. Risking your financial future on someone who may not be trustworthy is not worth the savings on a lower rate or lower fees.
For more tips like these, visit our archives, we have mortgage articles on the following mortgage categories:
TAGS: mortgage rate