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How to Shop for a Mortgage
- Get recommendations from people you trust... friends, your Realtor, your attorney, colleagues.
Find out if the company has a good track record. How long have they been in business?
- Look for "competitive" interest rates. Watch rates for several weeks to see who is consistently competitive rather than in and out of the market.
- Know the total fees being charged. The rate may be lower, but it's no bargain if the fees are so high they offset the interest rate savings.
- If an interest rate seems too good to be true... it probably is! Find out if you are paying for that great rate in extra points and/or fees.
- Be careful of "bait and switch." A company advertises one rate, but when you go to apply, it's another, or they talk you into another program completely.
- Have the mortgage
company pre-approve or pre-qualify
you. Make sure they send you a Good Faith Estimate of closing
costs.
- Find out how and where
your loan will be processed. Many companies simply send your file
to a processing center. If you like personal service, look for local
processing and underwriting.
- Find a Loan Officer and staff that returns your phone calls promptly.
- The mortgage process can be complex. You need a Loan Officer with experience, patience and understanding. Make sure you are comfortable. After all, you're the customer!