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More Information
Purchasing a Home
Saving Money on Mortgage
Federal Laws
Mortgage Do’s and Don’ts
Your Rights
Qualifying for a Mortgage
Choosing the Right Loan for You
Fixed vs. Adjustable Mortgages
Loan Costs
APR, ARM and GPM
Purchasing Agreement
The Closing
Interest Rate Buydowns
Your Buying Power
Mortgage Terminology
 

Mortgage Do’s and Don’ts

Prior to selecting a mortgage, research all the companies you are looking at for financing your home purchase. Make certain that they have all the proper state and local business licenses. Find out if they have had complaints filed against them and, if so, how recently were they lodged.

It would be well worth the effort to obtain references for the companies you are considering. If the company is unable to provide you with references, they may not be worthy of your business.

If you can obtain a good rate and if you have a choice, by all means do business with a company near you, since they are likely to be invested in your community and it will be easier to deal with them in the long term. With the advent of the Internet, there are also many reputable companies that can provide mortgage quotes and many have even more lending power than local agencies.

No matter whom you decide to deal with, it is important that they understand your needs. If someone begins to use high-pressure sales tactics on you, quickly distance yourself. If you are planning on borrowing money, take the time to research all the companies that interest you.

If a firm tells you that you need to make a good faith deposit to get your loan approved, or that you have every good reason to trust them, you should consider why your lender must use such language. Be careful if you receive below average mortgage quotes that offer you more than you want, and then add on all extras, which will take even more money from you.

When you are looking for the best mortgage quote, you shouldn’t expect to get something like a car or trip for nothing. If a mortgage lender offers you such a promotional incentive, you be mindful that nothing is for free.