Whether you’re looking to invest in real estate, house-hack, or simply buy your first home to live in, the lender can make all the difference.
Find a lender that responds quickly. If you have a tough scenario, find a flexible lender that can make their own decisions.
Getting the right mortgage and a low rate is easier than you might think. Here are four simple steps to ensure you get the best mortgage rate available for your situation:
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There are more mortgage options available to you than you might think. An experienced loan officer will ask the right questions to understand your financial situation. Then they should present you with at least a couple of potential loan programs that will meet your goals.
It’s a great idea to contact 3-4 lenders for rate and fee quotes. You might find that one lender specializes in the loan you’re looking for, and can give you a better rate than others. The only way to know is to talk to multiple companies. When comparing lenders it is essential to look at loan estimates or “LEs” which are standardized by law and allow you to compare costs line by line.
The loan estimate (LE) is your best tool for comparing loan programs and mortgage lenders. They are standardized and very easy to read. All fees must be disclosed and within the same range at closing. If a loan officer is hesitant to give you a loan estimate before committing to move forward with them, you should find another lender.
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