I should avoid what when I get a Mortgage?
By admin | May 4, 2007
I found this really great article today on Google News which listed the 37 best mortgage shopping list. I just wanted to share with you a few of the tips I found most interesting.
The writer first points out about common misnomer that getting as many “Good Faith Estimates” and choosing the lowest one is the best way to shop. Well experience has taught the writer that this is the wrong approach.
2. They don’t have you sign anything…no application, good faith estimate etc. (self-explanatory)
Well, what kind of a mortgage business would they be if they didn’t do any kind of background check or application process? Definitely not the right lender to go with. Maybe they can print you up a college diploma while you are at it.
12. They push a sub-prime or bruised credit loan without attempting an “A” credit loan first.
We all know where a sub-prime can get you as of late. Definitely need to avoid getting locked into a sub-prime loan. The FHA is currently trying to help sub-prime borrowers by allowing them to refinance into a FHA Loan.
25. They are new to the business and therefore lacking in experience.
This one should need no introduction. Of course you want an experienced group of mortgage professionals helping you with the largest loan of your life. It is best to do some research and find the best loan provider out there.
Here is a link to the rest of the article. I just wanted to point out a couple that I like.
The Run, Don’t Walk Checklist.
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