When choosing a new mortgage
company, whether it's your first time or your fifth, there are a few things you
should know before stepping into that company office and taking the chance that
you’ll get the mortgage loan that is right for you. There are certain things
you as a consumer should and shouldn't do under any given circumstances.
Some of these things are pretty
obvious and even the greenest mortgage shopper could have guessed it's in their
best interest not to do those things. However, other things though are not
quite as obvious and are mistakes typically made every day by the consumer.
Don't panic though! There are ways
to pinpoint that mortgage loan company that cares just as much about the loan
as you do and treats every transaction like it’s their only one.
Do’s
and Don’ts of Mortgage Loans
Do
get a few quotes. Typically, when shopping for a
mortgage loan, you are going to want to get a few quotes under your belt.
Don’t
share quotes. While it might help to let your
mortgage rep know that you are going to take this strategy, under no
circumstances should you show him any quotes from other companies that you may
have already gathered. They will simply show you how they will beat it or will
talk to you into a higher quote, noting that their mortgage loan is better.
Do
focus on service provisions. Quality
of service should always mean something as in the long run the better they
treat you, the better the entire experience will be from start to finish.
That’s why you want to do your research and find out from others about their
own experiences with each of the mortgage loan companies you are considering.
Do
read everything. Next involves a little more on your
part: always read the fine print. Read over everything on a contract twice,
three times, or as many times as it takes for EVERYTHING to sink in.
Some companies will hide fees and
you could end up signing on for more than you bargained for. That’s why you
must be very careful and always assertive and on the lookout for bait and
switch tactics.
Do
select a company with values and integrity. With
so many bad experiences in recent years with greedy lenders, there has been
resurgence in companies that focus on values and integrity. Some even go as far
as to proudly display that they are an organization whose philosophy is
faith-based and is directed by a higher power that they have to answer to when
it comes to every decision and action they make.
You want to work with a company that
puts your best interests first, and these companies understand the importance
of treating others as they would like to be treated.
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