Thursday, 1 November 2012

Using Your Mobile Phone to Choose a Mortgage Lender

A Mortgage lender offers a variety of loan programs for buying or refinancing a home. A conventional lender, such as a bank, can provide the highest loan amounts, and typically the best interest rates, but also has the most stringent credit requirements
While there is not a one-size-fits-all mortgage product, you can choose the mortgage lender that has the right loan for you.
1. Determine your loan needs
2. Order a copy of your credit report from the Annual Credit Report website. Pay off any items that negatively impact your credit rating, such as collections, judgments, liens, and past due bills.
3. Start with your banker.
4. Use your affiliations to choose a mortgage lender. Contact your membership office for services such as the Automobile Association of America (AAA), employer sponsored buying networks or credit unions and the financial services division from your auto insurance company or credit card. These providers are often over-looked, however your membership may provide exclusive benefits that are not available to others.
5. Compare mortgage options online. Lending Tree and E-loan provide quotes from several mortgage lenders that will compete for your new loan. You can view the offers without any obligations and choose the program that will meet your needs.
Tips & Warnings To Secure Mortgage Loan
  • View the annual percentage rates that are provided by each lender to help determine the lowest costs.

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