After more than 20 years in the Mortgage Industry, I strive to give each
individual client what they need and deserve when buying a new home or
refinancing their existing; respect and honesty. I will be happy to
supply you with a free 'Borrow Smart' report that will show you up to 3 loan comparisons
for a bigger picture of how we may serve you. Just go to
www.summitfunding.com and look for the Borrow Smart Apply Now tab.
Fill in as much information as you can so that we may look at good alternatives. If you are first time homebuyer, call us at 1.800.281.1155 to get you started. Ask for Dave, Your Mortgage Guy!
*A
lender is critical to the cost and success of your home purchase. For
one thing, he holds the purse strings. For another, his level of service
can make the difference between a happy new homeowner and a
disappointed would-be buyer who missed out on a home.
Beyond finding a good interest rate, you are relying on a lender to lock in your rate fast — if you want that 6 percent rate, he needs to jump on it because rates can change like the wind. You are also relying on him to close the loan on time; you could lose a house if there is a hang-up for some reason beyond your control. And many fees are determined by the lender, fees that can be negotiable if you know what to ask.
Shopping for a lender requires a homework assignment:
- Know thyself. Before you even pick up the phone or turn on the computer, figure out what mortgage type you are looking for. Not all lenders handle all loans. You can be more selective if you know what you're looking for.
- Know thy prevailing mortgage rates. It's easy to compare rates online, and many sites allow you to see the rates from local lenders for various types of loans, but beware that you might need to enter your name and address to see rates.
- Understand the players. Study the types of lenders and their advantages and disadvantages for your situation. Some lend their own money, and others find the money for you.
- Understand the fees. Beyond the interest rates, there are closing fees and points, and occasionally commissions that you don't see.
