How to Shop for a Mortgage

How to Shop for a Mortgage

Being new to the homeowner world brings the question of where to get your mortgage from. It is even important for those who are looking into real estate investment for renting purposes. With a few key hints we hope that you can find the best lender for your needs. Looking at interest rates is just the first, although most important, step into . Banks like Wells Fargo, ING Direct, and Bank of America will

gladly give a loan to those who need it, but this might not be best for the customer.

Looking at the past, the current interest rates that people can get today are impressive, so it is important to take advantage of this. If you are not too sure what all the financial mumbo jumbo means, don't be afraid to ask a broker or loan agent questions. After all, their job is to answer any queries the customers may have. Finding a broker can be a little tough and you should be careful if you go this route as some of them look out for the best profit for them and not necessarily the best deal for you.

Asking your real estate agent for a recommendation can go a long way, as they wouldn’t want to lead you astray. The advantage of having a mortgage broker is that they can compare many company quotes at once, which cuts on a lot of research time on your end.

Checking with local credit unions is also important, as they can sometimes offer great rates for t

heir loyal customers that larger banks cannot. These credit unions often have the sole purpose of helping the little guy. Larger banks just see you as a number in their files, whereas local credit unions will treat you as family and this will sometimes make all the difference. Keeping all the accounts under one roof is advantageous, so if you already have a good relationship with a local bank it is worth seeing what they have to offer. Another option that is growing in popularity is online banks such as ING Direct, which has been in business for years now. They can offer great
discounts due to their low overhead cost. Finding customer reviews for this company is easy and will make you feel comfortable conducting your business with them. They are FDIC insured and their strong financial report assures us they aren’t going away anytime soon, so keep these banks in mind when making a decision.

Jason Hartman and his team understand that getting a large loan is not an easy decision, but making the right choice is possible with the proper tools and research. Look for the best interest rate to save money in the long run and try to make extra payments at the beginning of the loan as this is often the time you are paying the most interest. Finally remember that asking questions is not a bad thing and there are many experts ready to help you. (Top image: Flickr | Phillip Taylor PT)

The Young Wealth Team