How to "Shop" Loans and Lenders Part 1 of 7 (How to Shop Mortgage Loan Series)

By
Real Estate Agent with Homebuyer Representation, Inc. DRE# 5467433

Mortgage MoneyMany Buyers pay 1-3% too much for their loan in up-front costs, even after "shopping" for lenders. Some choose a lender solely based on which one has the lowest up-front costs, but they end up paying for it by getting an interest rate that is higher than they qualify for. Others unnecessarily pay too much in fees in order to get the lowest interest rate.

Shopping for a loan does not have to be difficult or complicated. The key is to take control of the process, get organized, and make sure you do it right.

Here are some basics on ONE way to shop for a loan. Click each link for more information on each topic:

As advocates for the Home BUYER, one of the ways we protect our clients above and beyond what most traditional agents do is by offering to help them evaluate lenders and loan options using our TOTAL Cost of the LoanSM system.

 

If you have excellent credit and will be buying a $300,000-$800,000 home within 90 days and would like an agent who will work exclusively for you, make sure you get an Agent on YOUR side of the transaction! Make sure you hire an E B A!

Call us at (801) 969-8989 or contact us via the link on this page.

Exclusive Buyers Agents do not list homes and never represent Sellers. They represent Buyers ONLY on the Buyer's side of the transaction. They work to get BUYERS the Best Price and Terms when they Buy...

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Topic:
Lending / Financial
Location:
Utah Salt Lake County
Tags:
credit
shopping
loan
references
costs
scores
products
services
interest
fees
analysis
rate
lenders
yield
mortgage
apr
spread
evaluating

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Rainmaker
595,381
Lisa Hill
Florida Property Experts - Daytona Beach, FL
Daytona Beach Real Estate

It amazes me how many thousands of dollars extra, I see some buyers pay. I tell them to make sure they compare apples to apples, and make sure they get EVERY fee that they'll be paying, up front! But so many of them still get hit with huge fees.

Aug 01, 2009 01:36 PM #1
Rainmaker
1,317,551
Joan Whitebook
BHG The Masiello Group - Nashua, NH
Consumer Focused Real Estate Services

Glad you are doing this post.  I it is difficult to undersand the mortage products out there.

Aug 01, 2009 02:11 PM #2
Rainmaker
403,671
Claudette Millette
The Buyers' Counsel - Ashland, MA
Buyer, Broker - Metrowest Mass

Benjamin:

I find this whole series on "Shopping for a Mortgage" very interesting.  I have not seen it all broken down like this.  It looks like you are doing a great job of representing the interests of buyers in your area.

 

Aug 17, 2009 12:32 AM #3
Anonymous
Joel carson

Isn't it interesting that we will spend hours clipping coupons, reading sales papers, traveling from store to store to save a few dollars, but when we have the opportunity to save thousands, we don't always want to take the time? This is great information. All shoppers should demand the best deal out there.

Aug 18, 2009 11:22 AM #4
Rainmaker
252,643
Benjamin Clark
Homebuyer Representation, Inc. - Salt Lake City, UT
Buyer's Agent - Certified Negotiation Expert

Truly "shopping" for the best mortgage is a misunderstood process. There are many loan originators and even mortgage brokers who wouldn't know how to do it right themselves...

I do not force clients to shop for the best loan. It is always their choice. But it is a service I offer and will help them with if they want to.

Closing officers are always surprised at just how low a rate we can get a client with no junk fees, AND often, no origination fee, discount points, or Yield Spread Premium.

 

Aug 19, 2009 06:50 AM #5
Rainmaker
1,924,738
Tom Braatz Waukesha County Real Estate 262-377-1459
Coldwell Banker - Oconomowoc, WI
Waukesha County Realtor Real Estate agent. SOLD!

Ben

Great information and good stuff for anyone shopping a lender and a loan.

Aug 19, 2009 07:17 AM #6
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Rainmaker
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Benjamin Clark

Buyer's Agent - Certified Negotiation Expert
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