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The Looking for a Type of loan Game

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I have been advising borrowers who require residential mortgage financing for more than seventeen years. My experience implies that regardless how sharp, intelligent, smart, educated, or ignorant a borrower is -- the mortgage rate trap that they can all fall under is similar. Unfortunately, as soon as a borrower realizes that to remain misinformed, mislead, or just received only the main type of home loan story; their inept, inexperienced, unknowledgeable, and in the end disinterested loan officer/customer service rep has earned an undeserved commission.

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How many times should i sit and answer my phone simply to hear "Hi, I had been known you by so and thus, and uh, I'd the same as to find out, uh, what's your rate is today?" My head races with "Are you in contract? Just how much do you wish to borrow? What's the size your current mortgage? Exactly what is the purchase price? Bed mattress your credit? Is it possible to verify income? Have you been locking the speed? Just how long are you looking to lock the rate for? When do you wish to close? Do you own some other properties? Have you been buying the property to reside or a good investment? Which kind of property have you been buying?" The thing is that, what is anxiety all theses pertinent questions (and more) EFFECTS The pace! This warrants repeating again -- the reply to all theses pertinent questions (and much more) EFFECTS THE RATE! So, I say to the respective caller while qualifying my answer, "If your credit is good, can verify your wages, want to are in the house, and can show enough liquid assets to buy the exact property compared to prevailing mortgage rate is X."

Please understand, I would not blame borrowers for wondering, BUT, I, as a mortgage professional, get frustrated seeing consumers, result in the biggest financial decision of these life based on misleading advertisements and other information or lack thereof. The kicker is, that many mortgage companies' advertisements and customer representatives confuse and/or mislead the customer into obtaining home financing using company while legally and ironically complying with the federal government laws create by our government to safeguard the individual. When can you or borrower uncover the rate and closing cost is not what you appeared to be -- With the CLOSING! The existing bait and switch is still around, but more costly could be the withholding of relative information. Many mortgage officers feel there is a greater possibility of closing your mortgage when they provide you with a direct answer to your direct question without volunteering one other pertinent information you need to know, in case you knew enough about mortgages must. This more information found in conjunction with the "what can be your rate?" question can help you save lots of money with the closing table and also over lifespan of your loan.

There are lots of variables which go into every single mortgage deal, and every deal is exclusive unto you. I'll try to provide you with a few a general guideline with the "other information" you should be alert to, so that you can have the ability to shop for mortgage rates intelligently, and, in case you so desire, decide on a mortgage professional to know what they're doing which may, consequently save thousands of dollars.

Last updated 805 days ago by mortgageproxy