This is a Guest Post Written By Sara Sentor that I am including in my “Make Your Money Work For YOU” Series.
Missed any of the other posts in this series? View them here.
Locating the right type of home mortgage can really be a painful and often fruitless task. The current economy created an environment where small mortgage companies found it hard to survive and, currently, there are only a few independent mortgage lenders left that haven’t merged to become huge conglomerates. Most of the smaller mortgage companies are now acting as intermediaries for the Bank of America, and other large lending institutions.
So, how exactly do you find the best mortgages companies out there?
- It’s all about researching your options through different types of lenders. For example, you may find that a company like Quicken Loans has fair and affordable mortgage packages, even though mortgages aren’t their only function. The same holds true with many other companies.
- Check out your private options first. Companies like Lending Tree offer a 3.500% APR on a 30-year fixed rate package. Your rates will obviously vary depending on the type of package you want, your credit score, and the down payment you have available.
- The idea should be to receive information directly from several different lenders. You may find yourself running in circles dealing with mortgage-specific companies, so be sure that you reach out to deal with large commercial institutions, like HSBC, and also look into using a credit union or the FHA (federal option) to see if you qualify.
- Listing out the different companies you should try could be pointless, because you never really know which companies are going to be around by the time you need a mortgage or which companies will accept you. So the main goal should be to educate yourself in the process of finding a home loan. To do this, you need to learn to weigh your options.
Tip: Just remember, try your private options first with the large companies like Lending Tree and Quicken Loans., but don’t forget to receive information on loans from banks, credit unions and government options.This article was written by Sara Sentor, a freelance writer for the site Bad Credit Whiz, which provides information for people wanting to get a low mortgage rate from the best mortgage companies. (Disclaimer: This post has been approved by thriftymilitarymommy.com but is not an affiliate of this website.) Next up in this series: Set Goals!