When comparing offerings from different lenders it can often appear to be a bad version of shell game. Loan officers quote interest rates with such speed and precision that what started out to be a fun game of search and destroy ends up being a frustrating game of "duck and cover." There are 30 year rates and 15 year rates and rates with one point and no points and loan programs with 20 percent down and with 3.5 percent down... sheesh.
There is a foolproof way however of comparing interest rate quotes from different lenders but you have to follow a few strict rules.
Number One: Get interest rate quotes around the same time of day. Mortgage rate quotes you see on the internet or any other advertisement for that matter may be no longer valid. The fact is that mortgage rates, just like the price of a publicly traded stock, can change throughout the day. Any rate you see should be discarded. Likewise, if you get a quote from a lender in the morning get the quote from other lenders that same morning. If interest rates move during the day you may end up quoting apples and oranges.
Number Two: Get rate quotes on the exact same loan program. Don't get a bevy of bargains from a lender and instead ask for a rate quote for, "A 30 year mortgage with no points on a loan amount of $250,000 good for 30 days for a borrower with excellent/good/fair credit." ฝากขายอาคารพาณิชย์ Don't waver. If you switch loan programs mid-stream, you'll need to start all over.
Number Three: Get the lender fees and forget about the rest. Third party fees such as title insurance or attorney fees are not controlled by the lender. Whatever quotes for those fees the lender provides, while a good estimate, they only confuse the issue. Instead, have the lender provide you with their require fees and no others.
By following these three simple steps you'll take the confusion out of the rate quote game. You need to do some homework on your end but once you've finished your choice should be clear.
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