What I Look For In A Mortgage Loan
At some point in all of our lives we are going to be faced with looking for a mortgage loan. It may be you are a first time home buyer or you are looking for a vacation home. As you know not all mortgage companies or mortgage loans for that matter are created equal. Over the years I have come to the conclusion that there needs to be a definitive guide as to exactly what you should look for in a mortgage loan.
Well when I first start out to look for a mortgage loan, I am just like you are, I’m online. So I do a quick search and see what are some of the top companies that show up in my browser. For me I’ll usually click on the top one and check out their home page. What I want to see is good mortgage rates, low interest rates and the ability that I can get a great home mortgage from them. Here is just a side note that may help you. You want to look for their mortgage calculator, because this will help you choose the right mortgage loan from the right company. While you are on their site take all the pertinent information, rates, interest, how long you are looking to finance and place it in their mortgage calculator. Now what you want to do is keep a record or spreadsheet of these rates from every mortgage loan company you look at. Don’t apply to anyone until you have checked through at least 10. Once you have completed your research using the mortgage calculator, take the top three rates you have and apply to those companies first.
Another thing that I look very closely at when I’m looking into a mortgage loan company is the mortgage interest. And this may be one of the most important things to look into regarding a mortgage loan. To me I really don’t care if a mortgage company is going to qualify me, if the interest rate is going to be so high. You have to look at how much that is going to affect your pocket book on a monthly basis. That’s why it is so important to use those mortgage calculators, so you have a general idea of the monthly rate you are going to pay. Sure you can always do a mortgage refinance later down the road, but you need to be concerned about the here and now. Just the way our economy is, it’s hard to say what exactly will happen to mortgage rates in the future.
One of the last things I look at when I look for a mortgage loan is the stability of the company. I do not want to choose one that is going to go under and have my mortgage loan sold off to another lender. So be very leary of these mortgage companies that seem to have sprung up over night I also want to make sure that I can get a mortgage refinance easily if I need to in the future. Above all else I want to be treated as a valued customer and not a piece of livestock. You see this with so many mortgage loan companies nowdays. I want to have my calls answered by a human and be treated with respect.
I am sure you may have other qualities that you look for when you look for a mortgage loan. However, these are just a few points that are important to me and I believe you should find them equally as important when looking for a mortgage loan.
Edison Chase is a home owner in Boston and writes on many business and lifestyle topics including Gay cowboys and MA mortgage bankers.
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