Mortgage Deals: Getting The Deals You Want

2007-03-08 10:33:40

( Financial )



There are mortgage deals and then there are great mortgage deals. If you want to get the best deal on your mortgage, try the following suggestions.

Plan Ahead

Before you apply for mortgage, you need to identify what kind of mortgage you want or need. Ask yourself what it is for. Do you need a mortgage for a second house, or a vacation property maybe, or maybe you want to refinance. Knowing what you need will ease up the mortgage hunting process, saving you time and money. Also, find out what type of mortgage company you are more comfortable dealing with. If you are after personalized service and plenty of customer support, then a bank will suit your needs. But if savings and convenience are more important to you, why not go online and try the services of online mortgage companies.

Study Your Options

Do not settle for just any mortgage company. Take the time to sort through the hordes of companies and compare. Evaluate each company’s offer, their rates, fees, points and commitment periods against each other. While evaluating, just be sure that you are comparing the same type of mortgage. Also, approximate your loan amount and the value of the property. This will make it clear to you which company offers the best value for money.

Check For Credentials


Great rates should not be the sole basis for picking a mortgage provider. Verify their credentials and track record as well. Get in touch with relevant government agencies such as your state banking department and check for the companies’ licenses and permits if they are valid. Contact local consumer welfare groups to find out if the company you want has any disciplinary history. See through the companies’ policies if you see any sign of irregularity or abuse.


Seek Additional Advice

Great mortgage deals are not as elusive as you think they are. But if you are stumped for options, try asking outside help. Talk to friends and family for recommendations. Consult credit counselors for extra advice if refinancing. Another great source of free information is the internet. It contains many sites and online forums for people seeking help in their mortgage. Just be selective in using whatever information you find. They could be self-serving advice dished out by unscrupulous companies. As always, practice sound judgment in dealing with mortgage companies or any other financial institution for that matter.


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