Finding a mortgage company to give you the best mortgage rates possible is one of the most important steps in buying a house. You need to exhaust your options and make sure your credit score and financial capacity are at their best to qualify for a loan with wonderful terms and conditions.
Here are some things you need to keep in mind when dealing with a mortgage:
You can always inquire to different mortgage companies over the phone, but how would you know if the rates, fees, and points they tell you are accurate and feasible? That’s when referrals come in handy. Ask your friends, colleagues, relatives, neighbors, and real estate agent if they know any mortgage lender who has served them well. First-hand experiences of real people are better than phone conversations with strangers.
Ask the Right Questions
When you’ve trimmed down your choices to about five based on the referrals you get, it’s time to schedule a consultation to know more about the mortgage companies in Salt Lake City. Here are some questions you must ask for you to assess them well:
- What types of loan programs can you offer?
- Can I see the HUD-1 closing statements of your latest deals?
- Can you give me a Good Faith Estimate now?
- Can you explain your rates and fees?
- Can you give me an estimate of closing costs?
- How sure are you that I can get this loan before closing?
Compare the Rates
When you get offers from different mortgage lenders and companies, you must take the time to compare them. Don’t simply focus on the monthly mortgage payments, but also consider the extra expenses that come with the offer. Read the fine print and consult an expert if you want to make the best choice.
Follow these suggestions, so you can get the best mortgage plan for your home purchase.