How To Find A Great Home Loan~

With the credit crunch still in full swing, finding a good deal on a mortgage isn’t as easy as it once was. Many banks have tightened their lending standards and eliminated programs and many banks are no longer working with mortgage brokers.

Taking the online avenue can be tricky as well as many sites have been cited for running bait-and-switch advertisements on rates and not fully disclosing fees.

If you are currently looks for a home loan, follow these recommendations by Sarah Max of Money Magazine.

1. Take to the world wide web.

Visit sites like bankrate.com, mortgagemarvel.com and zillow.com to shop anonymously and get accurate rates.  Take this route if you know what kind of loan you[re looking for; the web should act as your starting point go get a handle on current rates and fess so that when it comes time to sit down with a bank or mortgage broker you’ll know if you’re getting a good deal.

Avoid any website that asks you for your social security number and address upfront. They might pull your credit report, which could hurt your score when you go to actually apply for the loan. 

Also make sure that all fees are clearly disclosed before you take the next step.

How to get the best deal:When you put your information into the online mortgage tool, do not estimate your income, credit score or other key facts, you won’t get an accurate rate without accurate information.

2. Go Directly to a bank

Go to the bank if you are looking for a conforming loan ( less then $417,000). Many banks have stopped underwriting jumbo loans. If you’re refinancing, call your current lend first as they may give you a bette rate to keep you as a customer.

Look out for novice loan officers, in this market, your agent must know what they are doing to keep the deal together.

To Get the Best Deal visit your local bank who’s familiar with the local market and the players in your area .

3. Call a Broker.

A good broker will help you along the way then you would navigating the lending world from your home computer.

If you’re in the market for a jumbo mortgage or financing for an investment property or you don’t fit the conforming mold, a broker will help you find a program that meets your needs.

Watch out for fees, most brokers make money on the difference between the rate you could get and the rate you actually pay and they aren’t required to disclose their cut. Look for a fee-only broker in your area at upfrontmortgagebrokers.org

How To Get The Best Deal Obtain rate and fee info from banks and web sites before talking to the broker. There are lots of brokers who want your business and are willing to help you find the best rate around.