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Finding the best mortgage lenderAlways keep in mind that, not only are you buying a home, you are buying a very expensive financial product -- a mortgage loan. In fact, if you were to take out a mortgage for $300,000, at 6.25 percent interest and keep that loan for the full 30 years, you would end up spending nearly $365,000 in interest alone! You deserve to be treated as a very special customer when you're spending that kind of money.One important decision will be whether to pursue a mortgage on your own or to use the services of a mortgage broker. While a good mortgage broker can shop your loan among several lenders, it's important to understand that brokers don't have special access to deals that are unavailable elsewhere. And a broker is not obligated to find the deal that is best for you. Some have been known to pair a borrower with the mortgage that offers the broker the greatest profit, instead of the lowest cost to the borrower. Before working with a broker, take the time to talk with two or three of that broker's most recent clients. Ask if they received the same type of loan the broker promised, if the costs were in line with their expectations, if interest-rate lock-ins were obtained without delay and if the closing was smooth and on time. Even if you decide to work with a mortgage broker, your time spent shopping other lenders will help you judge whether the product the broker comes up with is indeed the best deal for you. Unfortunately, no matter how much thought and research you put into choosing the right source for your mortgage, you may eventually end up having your monthly payments handled by an entirely different institution. The right to "service" your loan, that is to collect payments and manage your escrows for property taxes and homeowners insurance, is often sold to other institutions shortly after the loan has closed. Borrowers have no say in the matter; you simply will receive a notice through the U.S. mail from the old and the new servicing companies directing you to send your payment on to a new address. The terms of the mortgage itself will not change. Even though you may not be able to choose a partner for a long-term mortgage relationship, it is well worth your time to shop carefully for a lender who will patiently explain all the terms of various mortgage products to you, handle your application competently and efficiently, and, not least, who will offer the most competitive loan terms. click here for complete article Need to sell you home, condo or building lot? Visit 888SOLDin9 to talk with our Jacksonville FL 888soldin9 partner about your personal financial situation. Our Jacksonville FL partner, Jim Tallent buys, sells, renovates and rents homes and properties in Jacksonville FL, Duval County FL and Northeast Florida. |