Mortgages

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Mortgages come in many different sizes and shapes. There are big mortgages, small mortgages, refinances, HELOCs, Jumbo Mortgages, Business Mortgages, FHA Mortgages, VA Mortgages, etc. (You get the idea). Most people don’t need to know the ins and outs of all mortgages, they just want to know about their personal situation.

Here are the things that you need to know:
#1. Can I afford the house that I love?
#2. Do I need a Real Estate Agent to list my old property (if I have one).
#3. Do I need a Real Estate Agent to find my new home?
#4. What mortgage company should I close my loan with?
#5. What Insurance company should I use to protect my new investment?
#6. How do I ensure that I am getting the best rate or rates on my loan?

The other thing that can be confusing is mortgage rates.  There are so many different rates.  What is more confusing is that it never seems to be the same as what you see printed out in the “best rates available” box that you see online.  Wells Fargo has this rate.  Chase has that rate.  US Bank seems to have a completely different rate.  Bank of America has a rate that you cannot even figure out why.  Then we have all the local mortgage companies who seem to have very different rates from those mentioned above.  Who figures these things out and why are they not somehow standardized?

So, how do you get the best rates that you can possibly get based on your situation?  Well, the answer is unfortunately not as easy as an article written with an opening, three paragraphs and a closing.  There are a plethora of things that each company has to consider when they are providing you with money at the the best rate for you combined with the best rate for them as a company.

Some banks, credit unions and lending institutions are big because they charge more for their services.  That is not always the case.  However, one thing you want to consider is will my lender be in business tomorrow?  You want to do business with a company or institution that is solid financially.  You also want one that will have enough resources to provide the customer service you will need to get information about your loan and to handle any issues that may arise with your loan during the life of that agreement.