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A No Problem Closing Is Possible
Everywhere you look, you will be inundated with ads stating that this particular mortgage broker has the best rates and terms for you. It is too bad that many of these ads are just to draw you in and then you learn the terms are not what they advertised.
First of all, know your lender. If you don't know the lender that offers the best rate, make sure you find out about it. You can get a lot of information from the Better Business Bureau as well as the State Banking Commission.
Another idea you need to do for a problem free closing is to pick a lender that specializes in your kind of loan. Also, you should make sure the lender has a lot of experience in the field. Working with a reputable, experienced broker is the one most important way to avoid headaches at closing.
Do a lot of study. With all of the information available to us today, it can be difficult to find the rightnformation. But if you know which types of mortgages are available, and which may the best in your own situation, this knowledge will be helpful. The best thing is to make a complete list for comparison purposes.
Another ...
... factor to consider is who the rates you are quoted apply to. You may see some realy good rates, but only people with absolutely top notch credit ratings are going to get those rates. Therefore make sure you get the premiums over the quoted rate that will apply to you.
After you form the list, you can see which ones meet your criteria. You know what they say
the saying "If it's too good to be true, it doubtless is." You are going to see variations in the rate, however, if one broker is much lower than the others, be careful.
Don't be coerced. Make sure your broker is willing to take the trouble to explain terms, rates, points, maturity, and anything else to you. You have to be sure you understand every aspect of this important transaction. If he is impatient with your questions, locate another mortgage broker.
After you have reached agreement on all the terms, get a written confirmation. Check that all conditions are in the written agreement, not only your rate and points. If you are inquiring about an adjustable rate mortgage, the underlying index should be clearly spelled out. Check to confirm that the specifics of any lock in period are in the agreement. Make sure the broker is authorized to enter an agreement on behalf of the lender. A lot of headaches occur because of so called verbal contracts.
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