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The Home Buying Process Find the Right Lender |
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Smokey Robinson sings about his momma telling him to shop around. Well, Mrs. Robinson was right. When purchasing a mortgage talk to at least three different companies. Generally, the annual percentage rate is a good way of determining the cost of the loan. However, each lender's fees and rates differ. Your agent is generally your best source for finding a good lender. One that will tell you the truth, return your phone calls and place you into the best loan program. When comparing lenders:
- Ask for a
good faith estimate of the closing
costs in writing. When comparing the prices
of different lenders, pay no attention to the title insurance costs or
government recording fees. Those do not affect the price of your loan. Do
pay attention to the loan fees, points and the interest rate.
- Ask how long the interest rate
is valid. If a company quotes you at a very low rate with a 10-day lock,
that means you'll have to close the loan within 10 days or the rate will
go up. Ten days are not enough time, unless you have already been
approved. Ask for a 30-day lock.
- Make sure you get the interest rate,
the points and lock-length in writing.
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