If you are in the market for a mortgage there are many options for finding the best loan. Your options include banks, credit unions, local mortgage companies, and online mortgage lenders. Here is how to find the best lender for your mortgage.
In order to qualify for the best mortgage you need to shop from a variety of lenders. Banks and credit unions typically cannot compete with online lenders; however, your bank or credit union could surprise you. Banks use loan officers to screen customer applications. If you have a good relationship with your bank you may be able to negotiate a good offer with the loan officer.
Mortgage brokers are another option for finding your mortgage. Brokers work independently and are paid on a commission basis for matching mortgages to borrowers. Because brokers are paid on a commission basis they do not have your best interests at heart; you need to be very careful with fees and points when using a mortgage broker. The points you pay could wind up your broker’s wallet as a bonus; this is not where you want your money going.
Mortgage brokers are especially useful when it comes to bad credit lending. A good mortgage broker has connections with a variety of bad credit lenders and can place you with loan offers you would not find on your own. If you have good credit and cash in the bank you would probably be better off shopping for your own mortgage.
Shopping for the best mortgage can save you money if done correctly. To learn more about shopping for the best mortgage while avoiding mortgage mistakes, register for a free mortgage guidebook.
To get your free mortgage guidebook visit RefiAdvisor.com using the link below.
Louie Latour specializes in showing homeowners how to avoid common mortgage mistakes and predatory lenders. For a free copy of "Mortgage Refinancing - What You Need to Know," which teaches strategies to find the best mortgage and save thousands of dollars in the process, visit Refiadvisor.com.
Claim your free guidebook today at: http://www.refiadvisor.com
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