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Getting the most out of your lender
September 8, 2009 by Mortgage Align · Leave a Comment
There are many lenders offering great rates and outstanding customer service. Here are a few ways to make sure you receive the best deal with your new home loan:
Ask for a G.F.E. (Good Faith Estimate) – Always read all documents pertaining to the mortgage carefully. When you apply for the introductory special rate offer, read for all the hidden costs and conditions for early repayments. The Good Faith Estimate will detail the lender’s closing cost and all the fees associated with your home loan.
As far as possible take a short term refinance home loan, as it will help you get a loan at a lower rate for a short term than taking one out for a long term. It saves you more money on the whole.
Know your credit score. Your credit score is the big factor in determining your loan amount and the interest rate you can receive. Know this number before you talk to a loan officer and you’ll be able to get more information without them having to run your credit.
As per the law, all lenders have to explain all the costs and fees charged by them within a week of applying for a home loan. Be clear on all the surcharges and fees levied in all the forms pertaining to the home loan documentation.
Getting to know about different deals by different lenders is always helpful. Knowledge about them helps you bargain for the best deal.
