Recent news stories about so-called ‘subprime' loans illustrate that it's a good idea to shop carefully for a loan, especially one whose payment amount won't abruptly increase and jeopardize your ability to make monthly payments and possibly lead to foreclosure.
If you're shopping for a loan, here are some important things to ask a prospective mortgage broker:
- What will his total compensation be from you and the lender for the loan he helps you to get?
- How will her compensation vary depending on what type of loan you choose or which lender makes the loan?
- Is he willing to work for a flat fee agreed to in advance and to rebate to you any additional compensation he receives from the lender?
- How many lenders does she work with on a regular basis? Do any of them account for a majority of her business?
If you are thinking of purchasing a home, we can help you. Our preferred mortgage adivsor, Kevin Nelson, from Discover NCW Mortgage, would be happy to help you select a loan that will be best for your needs.
If you are considering a refinance, a home evaluation can give you a good idea of what your home is worth and we can give you a general price range right online based on recent sale prices of comparable homes in your area. For a more precise estimation of value, we can drop by for a quick review of your home.
Please phone or email us for more information. We are happy to help you, your family and friends.