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
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
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.