Posted on: 09th Jan, 2011 04:53 am
Hi,
When I'm told to "shop" for a mortgage, what does that mean exactly? Do I actually go to various banks, or make phone calls first? What questions should I be asking that will help me pick the right lender?
Thanks for any assistance you can give me.
MIgirl[size=18:4b2b552176][/size:4b2b552176]
When I'm told to "shop" for a mortgage, what does that mean exactly? Do I actually go to various banks, or make phone calls first? What questions should I be asking that will help me pick the right lender?
Thanks for any assistance you can give me.
MIgirl[size=18:4b2b552176][/size:4b2b552176]
You can contact the banks individually, call them or contact them online via their free consultation forms in order to know the terms and conditions on which they will be giving you the mortgage. You can check out the given page in order to know the questions you need to ask your broker/lender: "http://loan.yahoo.com/m/securing6.html"
Run your credit only once and get all 3 scores. Once you have that, give each lender you shop with your scenario and look for the best offer. What is the rate they're offering? What bank fees does the lender charge? What is the time frame for them to open and close a loan. You're also looking for someone who you find comfortable enough to work with. Most likely, they're all going to be in the same ball park.
