How to Seize Lowest Mortgage Rates?

Wednesday, February 13, 2013, 2:00 AM | 6 Comments

How to chase the lowest mortgage rates in the market will be a million dollar worth question for those who are into this field for the first time. Most of the borrowers think about signing mortgage deals with lenders whom they met first.

This is preventing their chance to seize potential mortgage rates. Like going for a shopping to buy your favourite outfit, why can’t you go for a mortgage shopping?

Few points to be taken into consideration while chasing for lowest mortgage rate includes:-

  • Arranging a preliminary plot

    Prepare list of lenders who can bank you at potential rates. It is better to ask your friends and relatives, or refer news papers or internet to make a list of lenders. A one-on-one approach with 2 to 4 lenders help in knowing about the lending industry and the norms followed there.

  • Appointing a mortgage broker

    If you are not getting time to collect lender details appoint a mortgage broker to go for mortgage shopping on behalf of you. Spending a few on mortgage brokers can help you in saving a great in the future.

    Mortgage brokers who are working in the field for years will have details about a number of lenders near your area.

    Information regarding mortgage rates and lenders will surely assist in designing a proper agenda.

  • Mortgage pre-approval

    A majority fix the deal with property owners and then look for a lender. This will force borrowers to accept all the terms and conditions provided in the lending document. That means a chance to bargain in the lending deal is nil. How about achieving loan guarantee from a lender prior to going for a property shopping?

    Well, I think this will help you in getting an idea about your budget estimate and shopping by being within its limits. Pre-approvals are given by a lender based on your credit score, income and asset ownership.

    Pre-approval has many advantages. First is that you can confidently buy a property that falls within your financial specification. And the second advantage is you can show the pre-approval letter and set up an atmosphere for bargaining.

  • Meeting with lenders

    Instead of collecting second hand information it is better to contact lenders directly and ask basic details like mortgage rates, terms, basic points and their special offers.

    Most of the people think that mortgage rates are similar with all the lenders and it is decided by the Federal law. But this is not true. Mortgage rates differ with different lenders.

    Those who spend some time to compare the quotes get a better picture about this. Each lender will have own designed specific rates and disclaimers. Going for a mortgage shopping help to know rates and compare it with others.

    Different lenders have different lending standards. When one lender rejects application, you don’t have to worry. There are a number of other lenders who can offer you better mortgage rates.

As lending industry is a high competitive one, no one likes to lose their potential clients. After the collapse of the housing bubble, lending industry had a dynamic change. Today there are lenders who agree for fee reductions. So utilize it!!!

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  1. 6 Responses to “How to Seize Lowest Mortgage Rates?”

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