Debt Consolidation Credit Counseling In Austin Debt Consolidation Credit Counseling In Austin

Find out more on Debt Consolidation Credit Counseling In Austin Now!

Sunday, January 4, 2009

How to Get a Good Mortgage Deal

By Mortgage Wizard

There are various sections on a Good Faith Estimate that you need to compare in order to find out where to get the best deal.

Lender Fees: The top of the good faith estimate will show what the lender fees are: This is where points, processing, underwriting, the appraisal, admin fees, and any other lender fees will show up. This is a good start to compare lenders. You should compare lender fees for quotes of the same rate to get an accurate proposal.

Title and Escrow Charges: These fees are not charged by your lender but they can be a determining factor to use a specific lender based on the rates they have negotiated for these services on your behalf. Some lenders will tell you that these fees are the same no matter who you choose. That just is not the case.

You can make up in savings by going with company that has a bundled third party rate that includes the notary fee.

Other companies that offer title and escrow services can charge less for each because they are capturing both pieces of the transaction. Companies that are solely escrow or solely title have no way to absorb costs and offer savings which drives up the consumer's total fees.

A lender that has done the work to ensure their clients are getting great deals on the third party fees while having no financial gain by doing so is keeping their customer's needs as a priority. By helping leverage their loan volume to pass on better fees to you they are helping you lower your overall fees and this is a priority.

Estimate Date: Since the mortgage market is very volatile make sure you are comparing estimates from the same day. Even if you are not ready to make a decision today you can narrow down your options and find the company you want to work with by comparing who has the best offer for that day.

Trust: You must ask yourself. "Has this company presented themselves in a way that I feel comfortable?" A good faith estimate is just an estimate and sometimes can change. You should work with a company that has a reputation for fair lending and honest accurate good faith estimates. Currently there are 8 Certified Upfront Mortgage Lenders in the country. This is a great place to start. These companies have been accredited with this certification based on their honest and upfront business practices and a strict set of loan presentation guidelines.

The more informed you are the easier your loan process will go.

About the Author:

0 Comments:

Post a Comment

Subscribe to Post Comments [Atom]

<< Home