Borrowing from a mortgage lender should be taken very seriously especially considering the high mortgage interest rate prevalent in the country today.
Many have made the mistake of just picking any mortgage lender available without conducting the required scrutiny needed.
What should be watched out for the most is the level of the mortgage rate charged by that lender.
Is it above those of other competitors? If it is , you might as well go to a sub-prime lender.
Rather when getting a mortgage lender. look around for the lowest APR available. You can locate those who give the lowest
mortgage rate by conducting a search on Google or Ask.com. Those are well recommended search engines and should give you
great results which you can use to make your decision.
But do not be fooled by the low APR. It may be a cover for high closing cost. It is simply a case of robbing Peter to pay
Paul. So ensure that the closing costs are low as well.
If satisfied with the rates charged and closing costs, then conduct a due diligence on the lender in question by asking for
referrals from friends and family. You may be surprised at the responses you recieve.
Some may even provide you with mortgage lenders even better than the ones you stumbled upon! That will be to your benefit.
The advice given above is now quite critical considering the present high mortgage interest charged nationwide.
At present rates, even a 0.5% reduction will be a big relief considering the present high home prices despite the slump.
Imagine the positive effect a 0.5-1% reduction in mortgage rate will have in a place like San Francisco where the average
home now goes for $700,000! A big difference indeed!
That is why a search for a mortgage lender should be taking with the most serious especially considering the present high
mortgage interest rate!
PS
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