by Dan Wolf
on Monday, May 19th, 2014 at 5:33am.
A mortgage is just as important as the home. As you shop around for mortgage offers from lenders, you will get quotes and other information. At first glance, it about choosing the most inexpensive deal, but that doesn't work with mortgages. Interest Rates and fees are the game changers between a good deal and a good deal on paper.
The best mortgage contracts are ones with affordable interest rates and fees. Mortgage payments and type of payment are only half of what you need to ask. Get the info on how interest rates merge with monthly payments, the percentage of interest rates, the amount/total cost and possible adjustment. Ask about title insurance, legal fees, pre-paid interest, closing costs, appraisal costs, application fees, annual percentage rate (APR) and other hidden fees. You can't avoid it but you can pay the lowest amount possible. Finally, gather all quotes on the same day. Interest rates and fees change daily, so check once to compare and check again only if you plan to be a customer.
As you gather this information from each company, you will be able to compare the differences. Remove the companies with quotes you disagree with. Narrow it down to one and have a backup (in case things don't work out). Contact the lender in person and draw up a contract. Try to lock in those interest rates and fees as long as you can in the contract. Be sure you agree to the terms fully and don't feel pressured to sign now. When everyone agrees, sign the contract.
Understand that if your credit isn't up to par, you will not get the luxury of low interest rates. A person with a steady job and flawless credit is going to get better interest rates than someone who is working but have poor or bad credit. Unemployed people are going to have the hardest time finding a lender regardless of credit. However, you do have the right to negotiate regardless of work and financial situation. If you get an offer on the table, see if you can get lower interest rates, fees and quotes.
Be willing to walk away and search the globe for a mortgage with good interest rates. Your wallet will thank you. Contact us for more information.