Choosing a Lender - Advice on Getting The Best Rates
"How to get the lowest mortgage loan rates and best home
loans."
How Do I Chose A Lender?
When most people think about choosing a mortgage lender, they think about
finding the lowest rate. Period.
Of course, financial considerations are important to every home buyer, and
you certainly should consider the different rates lenders in your area offer on
comparable loans.
But you also want a lender you can trust, and someone you can work with
effectively. So don't let rates be your only criterion.
Here's the process we recommend:
1. Build a list of lenders.
Talk to people you know who have bought or
refinanced a home recently. Check the newspaper's real estate or business
section. Or just look in the yellow pages under "Mortgages."
2. Talk to a loan officer.
Call or visit the lenders on your list. Get a feel
for what it will be like to work with them, and how they approach your needs. If
you're still uncertain, ask for references -- recent home buyers like yourself
-- and talk to them.
3. Compare rates for similar loans.
Among the things you'll want to discuss with
prospective lenders are the rates they offer on mortgages. But when comparing
rates between lenders, be sure the rates are for comparable loans -- and
remember to include fees and other costs so you're really comparing apples to
apples.
4. Explore mortgage rates online.
You can quickly and easily check mortgage rates online. You can also
pre-qualify for a mortgage loan online. Both of these approaches take the stress
out of dealing with a local lender.
Then all you have to do is ask your local lender to beat your existing best
offer.
E-Loan has a fast pre-approval process and you can also explore hundreds of
different loan options. E-Loan offers everything from ARM loans to fixed rate
mortgages to 100% financing with no lender fees.
Click here to view
current mortgage rates.
Related Pages
Applying For
A Mortgage - Tips on how to apply for a mortgage - What to look out
for when applying for your next home mortgage loan.
Online Mortgage
Broker - How to use an online mortgage broker to save big on your
next home loan - Advice on what works and what to avoid.
Down Payment and
PMI - How to leverage your down payment - Buy a larger home where
your equity grows faster and avoid PMI using a two-loan strategy. Learn the 100%
financing technique. Avoid paying for private mortgage insurance (PMI) on any
mortgage where you put less than 20% down.
Mortgage
Recommendations - Advice on choosing mortgage programs that fit your
specific circumstances - Explore mortgage payments for different types of
mortgages.
Selecting
The Right Mortgage - How to choose the right mortgage based on your
lifestyle - Advice on the best mortgages for different phases of life, future
income changes, and risk levels.
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