3 Steps To Finding Great Mortgage Loans

By
Real Estate Technology with AOVZ.COM

Just like many things in this world, not all mortgage loans are created equal. In fact, there are numerous loan offers that you might find scouring the Internet or by visiting with multiple mortgage loan consultants. The question is: How do you determine which mortgage loans are great mortgages? Well, as the saying goes, great things come in threes...or in this case, in three steps.

The first step to finding a great mortgage loan is to hire a quality mortgage consultant. In the real estate business, that means having a mortgage loan consultant who operates with transparency so you'll know every fee that you'll be assessed and the amount of each fee. A transparent mortgage loan consultant will also explain everything-even the things you don't ask but need to know-in plain language so that you fully understand everything related to obtaining a mortgage.

The second step to finding a great mortgage loan is to find an appropriate mortgage loan. What does "appropriate" mean? It means that the mortgage consultant you've chosen to work with has located a mortgage loan that has a feasible interest rate for the payments you can afford; the lower the mortgage rate, the better. There is a catch: Mortgage loan consultants in Florida, California, New York, or anywhere else in the US can only offer you the mortgage loans that you are eligible for, which is based on the current  market rates and your credit score. Therefore, be sure to keep tabs on both.

The third step is to put on a pair of mortgage loan blinders. By that, I mean you need to narrow the scope of the types of loans you'll entertain; only consider loans that are 100% buyer-friendly. Ideal buyer-friendly loans give you, not the lender or the mortgage broker the advantage. Buyer-friendly loans have flexible loan terms. For instance, the loan may be available as a one to ten year loan; it may be available as an open, closed, variable, or convertible mortgage. Another key sign of a buyer-friendly mortgage loan is that the mortgage allows you to have some control over the interest rate. If a mortgage loan consultant says that "points" is an option, it's an offer worth considering. Mortgage loan points, in case you don't know, allow you to decrease the interest rate on a given loan. Though buying points will increase your initial mortgage loan costs, it'll save you money in the long run. That's why it's a great option to have, regardless of whether you utilize it.

If you follow the steps above as you begin hunting for your perfect mortgage loan, you won't have any problems finding a loan that you can live with. Keep in mind that finding such a loan does take time. Be patient, plan ahead, and most importantly, find the right mortgage consultant or firm to help you along the way first!

Read more articles at Mortgage Articles .

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Lending / Financial
Location:
Ontario
Groups:
Mortgages
1st Time Buyers
Canada, eh
Almost Anything Goes
First Time Homebuyer
Tags:
mortgages
mortgage loans
mortgage rates
real estate
mortgage

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Ambassador
664,558
Paul McFadden
Paratex - Seattle, WA
Pest Control, Seattle, WA.

Thanks. Those are good points and I hope that the public reads this. Enjoy your day!

Nov 09, 2008 01:10 AM #1
Post a Comment
Spam prevention
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainer
20,345

Mauricio Navarro

Ask me a question
*
*
*
*
Spam prevention

Additional Information