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Where Do I Look For A Mortgage?
(presented by www.refinance-refinance.net - mortgage lenders)



By Ben Afzal

Basics

You can get a mortgage from many different sources, including:

  • mortgage brokers
  • commercial banks
  • credit unions
  • mortgage banks

Borrowers typically request a couple of different mortgage offers from different sources to compare them. When you apply for a mortgage you are typically given a “Good Faith Estimate”.

The good faith estimate is an estimate of your interest rate and closing costs to get the type of loan you are looking for.

It is important to note that a good faith estimate is only an estimate. It is not a guarantee of fees. Fees can and do change.

Interest rates change every day. A good faith estimate from one lender on a Monday may not be comparable to another offer from a different lender made on Wednesday. The difference in interest rates between the two offers may be due to changes in interest rates and not because one lender is a better deal.

Online Mortgages

You can apply for a mortgage online, but these are often just applications for quotes. These are just preliminary estimates that a lender can make based on the limited information you tell them. Your final rate and fees only happen when you get your loan document. You can have the interest rate locked after you are approved to protect yourself.

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HOME LOANS ADVERTISEMENT

There are many services that offer up to “4 competing offers”. You may find that your online form information is sold and resold again so that you are contacted by more than 4 lenders.

Sources

You will have to do your homework when looking for a mortgage. No one company or lender type will always have the best deals.

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This entry was posted on Friday, October 13th, 2006 at 2:21 am and is filed under Refinance. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.

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