Mortgages Part 5B: Tips on Choosing a Mortgage Lender
It is not very useful to call up every lender you know and ask them about their current interest rate. A bank with a lower rate may ask you to buy a point, and the next bank has a higher rate and less fees. I will provide more explanations about fees, points, and interest rates in Part 6.
How should you compare the fees and rates?
To simplify things, you should be knowledgeable about the loan programs you need (and after reading this guide, you should have a good enough idea). When you talk to the loan officer, give him your credit score, how much you have for down payment, and the type of loan you need.
If the loan officer has loan programs that are suitable and you feel comfortable working with him/her, ask for a Good Faith Estimate. A good faith estimate lists all the interest rates and fees and makes it easier to compare.
You can also ask to see a copy of the HUD-1 closing statements from the loan officer's recent deals. The HUD-1 will show real charges that were made on real transactions. We will go in depth about the Good Faith Estimate in Part 6, and the HUD-1 in Part 7.
Mortgage Guide Home | Previous Article: Types of Mortgage Lenders | Next Article:
Address Search
Follow Us:
|
|
Hudson Valley Guide
Queens and Long Island Guide
Popular Neighborhoods (East of the River)
- Ardsley
- Armonk
- Beacon
- Bedford
- Brewster
- Briarcliff Manor
- Bronxville
- Chappaqua
- Cold Spring
- Cortlandt
- Dobbs Ferry
- Eastchester
- East Fishkill
- Edgemont
- Fishkill
- Greenburgh
- Harrison
- Hartsdale
- Hastings-on-Hudson
- Ivrington
- Katonah
- Larchmont
- Lewisboro
- Mahopac
- Mamaroneck
- Mount Kisco
- Mount Pleasant
- Mount Vernon
- New Rochelle
- Ossining
- Pawling
- Peekskill
- Pelham
- Pleasantville
- Port Chester
- Poughkeepsie
- Pound Ridge
- Rye
- Scarsdale
- Sleepy Hollow
- Somers
- Tarrytown
- Wappinger
- White Plains
- Yonkers
- Yorktown