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Information on mortgages, home equity loans, and consumer credit to help you use the power of financing to your advantage.
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Mortgages > Purchase
Local Mortgage Company
Are you searching for a local mortgage company? You have come to the right place. Local mortgage companies are all over this country from small “mom and pop” shops to large lending institutions. With the recent lows in mortgage rates combined with an outstanding housing boom local mortgage companies are popping up all over the place. In this article I would like to give you some advice on choosing a local mortgage company before choosing the local mortgage company who boasts “lowest mortgage rates guaranteed”.
Some of the best local mortgage companies around can come from word of mouth. Just like a lawyer, accountant, dentist or doctor word of mouth referral can be pretty strong. If you are in a small town looking for a local mortgage company and you hear of a good mortgage company than do your best to shop them during your mortgage hunt.
I’ll tell you a little secret though. Not all local mortgage companies are treated alike. With today’s easy internet access and cheap overhead you can get tied up in a non-reputable or “new-born” local mortgage company pretty easy. Recently, many mortgage loan officers have spun off from larger mortgage companies to form their own local mortgage company. They were used to making fortunes during the “low rate” and the “housing boom” era that they wanted to make even more money by opening up their own company. It didn’t’ take much more than a few computers, simple software, some copy equipment and some employees to get up and running. There is nothing wrong with competition and people going out on their own to make a living, but make sure you do your homework on each company before giving them your personal information. Remember you have a lot riding on this mortgage company you choose, so take as much time as you need.
Be careful of with your deposit. Did you put down 5% of the $350,000 or $17,500 to secure the purchase and sales agreement? If you choose the wrong local mortgage company, that could easily be lost due to lack of expertise in the business.
Expertise, rates, fees, and reputation are great ways to shop local mortgage companies. The internet has made comparison shopping so easy. On the internet through www.Lendingtips.com or sites like www.bankrate.com, www.interest.com, www.mortgage101.com you can shop rates by city, state, loan program, and credit. The rates given on most sites are not set in stone. You need to contact the lenders directly so they can give you an exact rate for your situation. On mortgage comparison sites local and national mortgage companies compete to earn your business by showing you their rates and fees. Be aware of the lowest rates on the site they may not be accurate. Some sites such as www.bankrate.com do a wonderful with their quality control of the local mortgage company comparison rates to make sure that the rates posted can be achieved by a consumer who meets the minimum requirements.
When you choose a local mortgage company make sure you compare them apples to apples. It’s very easy to get confused when reading a GFE or Good Faith Estimate. The system makes it easy for lenders/broker to hide fees/junk fees within other fees. If the company boasts “lowest rates guaranteed” make sure the fees are low as well or the lowest rate could become less desirable and you could be better off with a higher rate, but lower fees.
With all the local mortgage companies out there make sure you compare and choose based on the criteria above as well as who you seem to click the best with. Don’t forget about the www.BBBonline.com another good independent source for credibility. Good luck on chosing a local mortgage company.
• Apply now for a home loan!
The tips on this website should be considered food for thought only. Lendingtips.com is a clearinghouse of ideas, not a professional adviser. Before any important decision, please consult the appropriate professionals (lawyer, accountant, real estate agency, broker etc.).
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• Mortgages > Purchase Articles Archive
• Mortgage Loan Calculator Use this calculator to determine your monthly payment and amortization schedule.
• Mortgage Qualifier Can you buy your dream home? Find out just how much you can afford!.
• Refinance Breakeven Should you refinance your mortgage? Use this calculator to determine when you will breakeven!
• Rent vs. Buy Are you better off buying your home, or should you continue to rent?.
• Amortizing Loan Calculator Enter your desired payment - and let us calculate your loan amount. Or, enter in the loan amount and we will calculate your monthly payment!
• ARM vs. Fixed Rate Mortgage Use this calculator to compare a fixed rate mortgage to two types of ARMs, a Fully Amortizing ARM and an Interest Only ARM.
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Lendingtips.com 464 Oak Avenue Naples, FL 34108
Phone (239)877-7835 Fax (239)594-5686
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