How To Find The Best Fixed Rate Mortgage-running man20130526

Finance Not long ago there were hundreds of loan programs available which were able provide consumers an extremely low payment on a big mortgage. Remember the 1% loans? It was possible to have a payment less than $500 on a $150,000 mortgage. With the collapse of the housing market those programs don’t exist anymore. Today your only choices are really a 15 or 30 year fixed. What is the best way to find the cheapest fixed rate mortgage? The Internet will be your most valuable tool for finding and .paring rates. Unfortunately, it’s not as simple as picking the lender with the lowest rate. There are other factors which must be considered to ensure you are getting the best deal. How do I know if the lender’s rate and closing costs are legitimate? The mortgage industry is one of the most regulated businesses. Despite that, it also has the highest level of fraud (as we have learned during the past two years). The most .mon consumer .plaint is deceptive advertising. The lender advertises a specific rate and you decide to make an application. Later, at the closing you discover the rate is different than what you were told. It’s too late to do anything at that point as it would be too costly to start the process over again with another lender. Another issue is misstating the closing costs. The lender you selected may have the cheapest costs, but many times you might find out at the closing that they have increased significantly. Again, it’s too late to do anything about it and you are stuck. Applying for a mortgage is the largest financial decision most people make. Surprisingly, many people will go about the process without an understanding of how to do it correctly. Doing so can be a costly mistake which can affect you for the next 30 years. The key to success is knowledge. Learning how to find reputable lenders which consistently have the lowest rates, how to make banks .pete with each other and understanding the Good Faith Estimate are all critical when you are shopping for the best fixed rate mortgage. A simple mortgage guide or handbook will be your best resource when looking for the best fixed rate mortgage. About the Author: 相关的主题文章: