any MORTGAGE experts here?
Written By: admin on November 28, 2009
One Comment
i’m buying a co-op unit and need to shop for a mortgage. I don’t know anything about mortgages. how do i comparison shop for a mortgage? what do i look for when i’m comparison shopping for a mortgage?
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Tags: comparison shop, comparison shopping, mortgage, mortgage comparison, mortgagesTags: comparison shop, comparison shopping, mortgage, mortgages
Mortgage rates are about the same everywhere, currently at 6.45%. Every conforming loan is decioned using a standard recipe of documentation. Keep to larger banks, do not use mortgage brokers. Brokers work on commission, so if a large bank (like Bank of America) charges 6.625% par(0 points)rate then a broker can only make money 1 of 2 ways. Chrage a higher rate and make par plus pricing (bank pays them points for you taking the higher rate) or charge you origination, discount points, or a broker fee which you have to pay even if the lender/bank doesn’t approve your loan. They do work for free.
Also, I place a couple of websites below that offer disinterested 3rd party information just for consumers to help know the process.
Hope they help!