Residential Mortgage - Finding The Best Home Mortgage Lender

Most people approach the act of getting a home mortgage purchase or refinance loan the wrong way. They timidly approach lenders and cross their fingers that they will quality for that all-important loan. But that's just the opposite of what most people should be doing!

There are a lot of lenders out there-some great and others that can be difficult to work with. And here's the good news-they all want your business! Before agreeing to a contract with just any lender, you should make an appointment with (in person or by telephone) and ask them some important questions. Doing so could make the difference in a wonderful experience and one that you'd rather forget.

If you are in the process of applying for a mortgage loan-either online or off-then you should ask the following questions to every lender that you are considering.

? What are my loan options? Some lenders specialize in only fixed-rate mortgages and you couldn't get an ARM if you begged. It's important to know your options up-front.

? What is the interest rate? You can easily go online and find the competitive interest rate on any given day, and you should ensure that your chosen mortgage lender is offering you one in line with the market.

? How many points will I have to pay to guarantee that rate? Just because someone offers you a great interest rate, that doesn't mean there won't be strings attached. Be sure and ask if the interest rate they quoted you is contingent on your buying points.

? Will you charge an application fee? This can vary drastically from lender to lender, and in some cases the fees are negotiable.

? What happens if I pay off my loan early? Some lenders will include a pre-payment penalty in their contract, actually penalizing you for paying off your loan early. If one is included in yours, try to negotiate around it, or look for another lender.

? Can I lock in my rate? Be sure to ask specifics about this. Will it be possible to lock in a rate at the application stage, or will you have to wait until you've been approved? After you've locked it in, how long is it good for?

? Will I be assigned a person that I should call with questions? It is vital that one person is familiar with your application and loan documents so you don't have to explain yourself every time you call with a question.

? How long will it take you to approve a loan? With the Internet and other modern advances, there should no reason that a lender can't process your loan in a jiffy. If a lender appears to be slow, you should take it as a red flag.

The best way to find a good lender is to use a home mortgage loan company online that will give you multiple offers from different lenders. You want to let lenders compete over your business. To see our list of these types of recommended mortgage lenders, visit: Recommended Home Mortgage Lenders

Carrie Reeder is the owner of ABC Loan Guide, an informational website with articles and the latest news about various types of loans.

In The News:

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Washington Times
How can I avoid a mortgage refinancing rip-off?
IndiaPost.com, CA - 1 hour ago
For mortgage refinancing, that means knowing the terms of your existing mortgage and the latest mortgage rates, as well as reviewing your credit report and ...
Lenders Backlogged By Refinancing Rush Washington Post
The Truth About Mortgage Refinancing Revealed By Connecticut ... SBWire (press release)
Refinancing suddenly booms Honolulu Advertiser
MSNBC - Forbesall 26 news articles

Money High Street
Average Mortgage Rate Hits 5%, Lowest in Decades
New York Times, United States - 11 hours ago
Of course, buying a home is a more lengthy process than simply calling up a mortgage broker to refinance, and activity typically slows during the holiday ...
Long-Term Mortgage Rate Falls Again Wall Street Journal
Banks' mortgage rates fall below 5% Boston Globe
Homeowners with good credit scores are poised to capitalize on ... Baltimore Sun
Scripps News - AHNall 104 news articles

Washington Times
US Banks Offer Mortgages Below 5% After Fed Action
Bloomberg - 21 hours ago
The Mortgage Bankers Association’s index of applications to purchase a home or refinance a loan dropped to 1143.8 for the week ending Jan. ...
Mortgage rates fall to record low again Forbes
Freddie Mac: Benchmark mortgage rate continues to new low MarketWatch
Bold government action can solve housing crisis North Texas e-News
American Banker - Connecticut Postall 600 news articles

Cardoza proposal could aid housing crisis
Stockton Record, CA - 5 hours ago
Under the Cardoza plan, the payment on that mortgage refinanced to 4 percent fixed rate would drop to $1194 a month. Contact reporter Bruce Spence at (209) ...

REFILE-UPDATE 1-US mortgage demand dipped before Fed move-MBA
Reuters - Jan 7, 2009
The jump in applications during December may have been driven by homeowners already "on the fence" and prepared to refinance on a drop in mortgage rates, ...
Mortgage applications down in latest survey Forbes
Week-to-week mortgage applications down 8.2% MarketWatch
Fewer apply for home loans; credit line delinquencies increase Los Angeles Times
KVOA.com - Kansas City Starall 63 news articles

Boston Globe
Fed’s Rosengren Calls for ‘Concerted’ Fiscal, Monetary Policies
Bloomberg - 7 hours ago
... to purchase or refinance homes,” Rosengren said. The average rate on a 30-year fixed-rate mortgage dropped for a 10th week to 5.01 percent yesterday, ...
Rosengren sees path to recovery Boston Globe
Fed's Rosengren says recession more severe than thought Reuters
all 54 news articles

Los Angeles Times
Congressional Press Release on Mortgage Deal
Wall Street Journal - 11 hours ago
"Despite efforts by Congress to address this issue, not enough lenders have come to the table to help borrowers with bad mortgages refinance into new, ...
Citigroup reaches agreement with key senators on mortgage ... Minneapolis Star Tribune
Citigroup agrees to allow judges to help modify some mortgages IdahoStatesman.com
all 551 news articles

TopNews
Question & Answer on mortgage refinancing
Boston Herald, United States - Jan 1, 2009
If I refinance the mortgage on my current house, will I hurt my chances for getting a loan for a new place later on? A: No. Refinancing a loan shouldn’t ...
MORTGAGES: 30-year Mortgage Rate Falls For Ninth Straight Week To ... CNNMoney.com
Mortgage Rates Hit 37-Year Low Poynter.org
Mortgage Rates Down Again After Rising Above 5.00 Percent Last Week PR-CANADA.net (press release)
Wall Street Journal - Ventura County Starall 457 news articles

Mortgage refinancing skyrockets
Cincinnati.com, OH - Jan 3, 2009
... 2009 With US mortgage rates the lowest in 30 years, local lenders say they've seen a strong surge in loan applications as homeowners seek to refinance ...
Waco banks seeing a boom in mortgage refinance applications Waco Tribune Herald
Borrowers seeking to refinance may face challenges WTOP
As mortgage rates slide, refinancing applications take off Dallas Morning News
all 15 news articles

Refinancing shoots through the roof
Plano Star Courier, TX - 17 hours ago
“Quite a few people have remortgaged,” said Craig Jarrell, loan officer with Pulaski Mortgage. “Most people who refinance are new homeowners as recent as ...

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