Helping You Find The Right Mortgage Company

By Author: Harris Symonds
Total Articles: 121
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Making the decision to buy an home you can earn the benefits of home ownership. It’s not only a good feeling of owning your home but you also get huge tax benefits when all you need to make is monthly mortgage payments instead of rent payments towards your house. The longer you make these payments and the more your home appreciates in time, you will get a greater equity for your house. Having said that, the only possible way today to get a home in this unstable economy is through a mortgage. Most of us can’t afford buying a property with our own cash and hence we go through mortgages to get our house. Given that there are so many mortgage companies out there it will be good to know what the right procedure to finding a good reliable mortgage company. You would save yourself a lot of headache by dealing with professional lenders especially if your income is not that much. If you happen to choose a bad mortgage company your life will be literally ruined and hence it’s important for you to be aware of the right procedure before making a decision. Given below are some tips which would help you making the right choice with ...
... the mortgage company.

1- Don't you assume that they're all the same:
Many people assume that all lenders offer the same options and that’s the reason they choose whichever company they stumble upon. The fact is different lenders will offer you different options as we are not talking about small investments here. If you happen to be interested in a lender as they offer the options that suits you then please go and investigate as many of them as you can. Gather as much information as you can so that you would be able to decide later which lender you are going to be dealing based on the information you have collected.

2- It's all about numbers:
Once you have collected all the information necessary on most of the local lenders you need to now start analysing it. The first thing you should focus on is how much the down payment is for each of the companies, the next thing you need to worry about is the interest rates as the rates would vary based on how much down payment you are willing to afford so you need to make sure the lender you are dealing with is really transparent about this subject. You also need to check whether they offer flexible payment options or not, most common payment plans would be 5, 10, 20 and 30 years period so you need to choose the one which is suitable for your income.

3- Its better to leave it to a professional agent:
The best thing for you to do is get professional assistance. Most people prefer to try to do it themselves but they always end up having a bad time and start whining about what a nightmare they got themselves into. An honest, good mortgage broker would help you shop for the best mortgage available that suits your current situation so it’s advisable to invest into hiring the best one.

You can start off by making a list of about 6 to 8 loan officers from different mortgage companies, you could also ask your friends and family whom they have used in the past and if they would recommend them to you. Asking your real estate agent or your company whom them recommend is a good idea. End of the day you need to choose only one, the best one for you. The next thing you need to do is to call all the numbers you have jotted down, if the loan officer answers your call, put a start across his name, even if he calls back in an hour’s time. Please strike out the ones who do not answer and don’t call back. Most professionals value their phone calls and you don’t really need to get into a working relationship with someone whom you can’t get a hold of. Once you get them on the line as them things like how many loans they have closed in the previous month and you can also ask for phone numbers of the last 6 loans that they have closed. You can then actually get in touch with other customers that have worked with your lender. But if they are not willing to give you references of happy customers then you should move on to the next name on your list. A good loan officer would take pride in his happy customers. Next you ask them what are kind of loans he would recommend and if you do a little homework you can find out about state funded programs and you can ask your lender what he can tell you about the program. There are a lots of states with state funded options and it does make sense to find a lender who is aware about the local programs and grants them which might be an option for you to consider. If amongst your list you did not find anyone suitable you would have to start the entire process again and get a new list.

Lastly you would want to schedule an interview with your potential lender and make a list of questions that you want to ask him about the loan process, the loan options and the closing process. Pick one mortgage company that is able to meet your needs and explain things the easiest way for you to comprehend.

Here the Author Kevin says about NY Mortgageand for more information Please Visit :- http://www.chlmortgagebankers.com/