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Looking for a Home Mortgage? Shop Around
from: Jennifer Hershey
The mortgage industry is a highly competitive one, so it wouldn't hurt you to shop around before you decide on which company and which program you would like to go with.
There are two ways you can go about shopping around for a home mortgage lender.
The first way would be to do the shopping yourself. Before you begin your shopping however, it is important that you take the time to educate yourself with the language of the mortgage industry. This way you will be capable of talking the talk.
On the other hand, if you don't want to do the shopping yourself, you may want to consider finding a broker to do the shopping for you.
A broker is not a lender. A broker's job is to assess your situation, than find a lender for you. The brokers have access to hundreds of wholesale lenders across the country. What the broker does is make a few of these wholesale lenders that he believes might be a good fit for you aware of your scenario, than the lenders will compete for your business.
Allowing for up to four lending companies to compete for your business is not such a bad idea. This way you will be able to compare rates and pricing, than base your decision on what is the most reasonable and ideal situation for your needs.
A broker can prove to be a wise choice if your credit is poor, or if your situation is unique.
One aspect of the broker's job is to educate and council their client through the mortgage process from beginning to end. So if you believe your mortgage situation to be a difficult one, you may want to give a mortgage broker some serious consideration.
The majority of mortgage brokers are paid on commission, so getting you're your mortgage to the closing table is just as important to them as it is to you.
About the Author
Jennifer Hershey has more than twenty years of experience in the Mortgage Industry as a loan officer. She is the owner of http://www.explainingmortgages.com/, a mortgage resource site devoted to making mortgage terms and products easy to understand.
Home Mortgage Refinance In Florida News
Landmark settlement with mortgage lenders provides relief for some struggling ... - MiamiHerald.com
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New refinance deal to bolster local market - Bradenton Herald
New refinance deal to bolster local market Bradenton Herald The deal struck with five of the nation's biggest mortgage writers Thursday will allocate $25 billion to borrowers who owe more than their home is worth. The program will help about 1.75 million Americans, experts say. Only California will field a ... |
For America's hard-hit homeowners, little relief from settlement - Reuters
For America's hard-hit homeowners, little relief from settlement Reuters A further $3 billion is on tap to help homeowners who are current on their mortgages but are unable to refinance because they owe more than their homes are worth. Critics of Thursday's agreement, like Margaret Becker, director of the homeowner defense ... |
Experts: Don't expect mortgage settlement to solve Marion's housing problems - Ocala
Experts: Don't expect mortgage settlement to solve Marion's housing problems Ocala The settlement just isn't enough, they argue, to help a state like Florida where 2 million homes, nearly half of all residential properties, are underwater and worth less than what their owners agreed to pay for them. Florida Attorney General Pam Bondi ... |
Mortgage deal provides limited relief to foreclosed homeowners - STLtoday.com
Mortgage deal provides limited relief to foreclosed homeowners STLtoday.com Thousands of others in danger of foreclosure would be eligible to have their mortgage debt reduced, under the deal announced Thursday. Others whose homes are worth less than their mortgage would be allowed to refinance at lower rates. |
Home foreclosures decline, but completions rise - CBS News
 Housing Wire | Home foreclosures decline, but completions rise CBS News Of borrowers delinquent on their mortgages, those behind 90 days or more on their payments fell to 7.3 percent in December 2011, down from 7.8 percent the year previous. Foreclosure inventory remains high in some states. Florida, New Jersey, Illinois, ... The States With the Most Homes in Foreclosure |
Impact 5: Mortgage deals by Bank of America, Wells Fargo, Citigroup and more ... - WPTV
 WPTV | Impact 5: Mortgage deals by Bank of America, Wells Fargo, Citigroup and more ... WPTV Banks like Bank of America, Wells Fargo and Citigroup have agreed to send $8 billion to troubled homeowners in Florida and $26 billion total for refinancing, lowering principal amounts and for cash payments. Vito and her husband lost their home in Palm ... State Robo-Sign Settlement Soothes Banks: FBR |