Mortgage Finder

Finding the right mortgage may be one of the most daunting and confusing tasks you will ever face. Buying a home is a major investment in terms of both time and money. Finding the right home mortgage loan can save you tens of thousands of pounds over the life of the mortgage. Choosing the wrong home mortgage loan could put your home at risk.

We hope this article will help you to find the best mortgage loan for your needs. It will take hard work and patience on your part but you can find a mortgage that is right for you by shopping around.

Don’t choose a loan provider based solely on the rate quoted on the telephone or in the newspaper.

As you search for the best deal, you will likely run across someone who promises an unbeatable loan rate. Be very careful about these unrealistically low teaser rates. Those rates are only good for a very limited time, sometimes as little as three to six months. After that, the rate will rise, often to substantially more than the going rate.

Never assume that the lender with the best price on one type of loan will also be competitive with a different type of loan.

A lender who has a unbeatable rate on a fixed-rate 15-year home mortgage loan may not be able to deliver a similar deal on a variable- rate or 30-year home mortgage. If you are considering several different types of home mortgage loans, be sure to get quotes on all of them from many different lenders.

Should I shop at banks, credit unions or mortgage brokers?

All of the above. Be sure to shop at a variety of mortgage lenders. Banks, credit unions and mortgage brokers all have unique services to offer, and any given lender may offer the best home mortgage loan for your needs.

Don’t assume that interest rates will stay the same.

Interest rates fluctuate constantly, even from day to day. Prices obtained at different vendors on different days can vary widely. For that reason, it is impossible to compare a rate you get at one lender today with one you obtained from a different lender the day before. Unless you shop at all your sources on the same day, you are wasting your time.

Never get rate information from a lender without providing all the pertinent information about your loan.

Interest rates can vary widely among different lenders, and your personal circumstances will affect the interest rate you can get. Once again, shopping without providing all necessary information is a waste of your time. Your loan rate will be affected by things such as the size of the loan, your credit rating, the type of home you are buying, and your income.

Can I accept my mortgage broker’s verbal assurance that I have been locked in with a lender?

The short answer to this question is no. This is because some unethical mortgage brokers will tell the home buyer that the price has been locked, but not lock it with the lender. If interest rates do not rise between the supposed lock date and the closing date the broker can make an extra profit. If interest rates do spike during that period, however, you could be stuck with the higher interest rate. Therefor it is important to always follow up to make sure the rate has been locked in.