Dealing with the right Mortgage Company can save you $$$’s
In the current financial environment I am getting asked the same question often. “Can you give us a loan approval letter? Our real estate agent needs it to submit our purchase offer.” The loan approval letter is great as it allows you to submit your purchase offer. At this time most people feel great! The problems start when the actual loan terms are disclosed.
It is very important that if you are looking for a new home to purchase or a refinance, that you spend some time and look at the loan offer. Make sure that you get a “Good Faith Estimate” along with your “Loan Approval Letter.” The Good Faith Estimate will spell out the details of your loan. If you do not understand the format of your Good Faith Estimate then please do get your loan officer to explain it to you. Do not be shy and ask them to explain as many times as it takes in order for you to fully understand. This may be the largest purchase you will ever make in your life.
It may be in your best interest to get a back up offer from a Bank and/or a Broker. If you are not happy with your understanding of the mortgage process, Emerald Pacific Mortgage of Huntington Beach offers a free service where you can ask mortgage questions on line at info@emeraldpac.com.
If you are in the market for a home mortgage I would recommend that you get an offer from a Bank and a Broker. Surprisingly, more times than not, the Broker will have a better deal than a Bank.
Please do not fall for the teaser ads that we all see everywhere. These teaser rates are only intended to get you on the phone. If you see a rate under 6% then look closely because it is more than likely an adjustable mortgage of some type, based upon today’s Mortgage Bond Market.
If you do not know a Mortgage Broker in your area you can email me and let me know what city and state you are in. I will be happy to give you a few names of qualified people in your area. The two hours you spend today can save you thousand’s over the life of your loan.
D Fragoso