How to Shop a Mortgage
A home purchase is a large financial investment.When it comes to finding the right mortgage lender, it pays to shop around, but what questions should you ask? Here are some of the most important questions to ask when choosing a mortgage lender:
1. What type of mortgage products do you offer?
2. What are your current interest rates?
3. What are the fees associated with your mortgage products?
4. How much of a down payment do I need?
5. What is the loan term?
6. Are there any prepayment penalties?
7. What is your lending policy on refinancing?
8. What are the eligibility requirements for your mortgage products?
9. What is the process for applying for a mortgage?
10. How long will it take to get approved for a mortgage?
When you're shopping around for a mortgage lender, it's important to ask the right questions to ensure you're getting the best deal. By asking the questions above, you can be sure you're getting the most comprehensive picture of what each mortgage lender has to offer.
At Avance, we always advise borrowers to shop their mortgages. Different lenders may vary greatly in the rates and fees they charge. With interest rates relatively high, it's more important than ever to find a mortgage lender with the lowest possible home mortgage rates and fees.
When shopping for a mortgage, always ask the mortgage lender for their best rate and the cost to secure that rate. Lenders might offer low rates to borrowers, but often these come at a great cost. Make sure to ask about lender fees before deciding on a loan; origination fees, discount fees, or points. The only fees a lender controls are the lender fees, while all other fees will be consistent among lenders. These other fees include title and escrow charges. It's in your best interest as the borrower to compare loan offers by taking into account the interest rate and any origination or discount fees.
For the past few months, Avance Group has been helping borrowers by offering lower rates and saving them thousands on closing costs. Our mission is to help borrowers in the community get the best deal possible.
Avance Group; Your Local Mortgage Broker
If you're thinking about purchasing a home in New Mexico, Avance Group is a local mortgage broker that can help you with your down payment assistance, home purchase, refinance, new construction, renovation, and more! Call us today at 817.524.6655 to get started!