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Ann Arbor Mortgage Shopping and Negotiation

By
Real Estate Agent with Home Buyer's Agent of Ann Arbor

 

One of the services we offer our home buying clients is helping them optimize their loan package.

Often we can save a buyer multiple thousands of dollars at closing compared to either the lender they come in with or the national surveyed averages.

But beware, loan shopping takes some skill.

Here are a two of the fundamentals:

1. First you need to identify credible lenders. Anybody can quote anything on the web, you need to focus first on identifying lenders who are going to do what they say they will do. We define credible as a lender that either you know someone who has had first hand positive experience with them or we have first hand positive experience with them. We have worked with a lot of lenders so we know a bunch.

2. To compare rates and fees you must hold 4 things constant:

_1. The loan type, including the your credit profile and any unique loan features, like escrow waivers and combined Loan-to-value ratios.

_2. The loan amount.

_3. The lock period.

_4. The date & time of the quote. (Rates change daily, sometimes significantly.) 

  

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