Mortgage Louisville
September 16, 2009 by
Filed under Home Mortgages
If you are out to get a mortgage in Louisville that is right for you, you may consider getting a broker to help you out. Getting a broker in Louisville is easy if you already know who is a good broker. However, if you are still out to search for one, here are some tips on what to look for in a broker and what not to:
Here are some things that you want to look for when finding a broker who can assist in your mortgage:
• If you get an online broker, your broker should be able to give you at least 3 or 4 quotes on a mortgage loan;
• Get a broker you can work with and not a broker whose lender does not release broker names, numbers, or contact details. Find one loan officer that you can work with to avoid future problems in miscommunications.
• Make sure you know the lending firm’s track and performance records. This information is usually available online or you can check with your state’s Department of financial Institutions. Make sure the lending company is legitimate. If they are out of state lenders, check them out as well in similar sites.
• There is something called the GFE or the Good Faith Estimate, and you should be sure to receive one from the broker or loan officer taking care of your application within 3 business days that you make the application. At this point you can ask as many questions as you can and find out all the fees that you will be charged. If you don’t get the GFE, look for a different broker.
• Find out all the costs and fees involved when you get a broker. Just be honest and outright about what you want so that you don’t regret any hidden costs later.
• Many brokers usually like to use the mortgage companies that they are already with or have experience with. Many brokers are already in-house loan officers. The advantage of getting one of these officers is that you can be sure he knows what he is talking about because he knows the ins and outs of the process and requirements.
• Make sure you know the different rate changes that occur monthly in a lending firm. This fluctuation is normal so you should expect to see a change in the rates they charge you on a monthly basis.