How best do I tackle the mortgage game and how do I know if the lender is giving me a good rate?

Everything you need to know is here: http://www.homebuyingguide.org/





Also check http://www.bankrate.com/brm/rate/mtg_hom鈥?/a>


This will help you to compare rates between companies.





Pick a company that looks good on both rate and fees, and make application. Ask them for your credit score, so you can then call other lenders to see what their rates are for your score.





First time homebuyers may also qualify for assistance or a lower interest rate. Look for your state's Housing Finance Agency or Housing Development Authority to see if you can qualify.How best do I tackle the mortgage game and how do I know if the lender is giving me a good rate?
These days it is almost necessary to get a mortgage broker. They will make a cut, but they can also get you a better rate then simply walking into a bank on your own. Make sure that you get at least one other opinion from a bank or another broker, just to make sure that the one you are using is out of line with rates he's quoting you. Also, compare closing costs and other fees between lenders, these can very by thousands of dollars with different lenders, brokers. Many of them charge you ';junk fees';, which are pure profitHow best do I tackle the mortgage game and how do I know if the lender is giving me a good rate?
Research the different banks, etc. that offer mortgages and check the variable and fixed rates often. You have to figure out which rates work best for you. In general, if you are planning on buying a house short-term you should think variable but if you find that dream home of yours, fixed might be a better solution.





If this is anything like the real estate market in Calgary, Alberta, Canada - you want to get in the mortgage game ASAP - on average, houses are going up over $500/day!!!!
There are alot of factor's to consider - the links the precious person gave you are good ones. What a Company looks at is Credit Scores, If you had a curent mortage, they look at payment history - They look at what Loan amoutn you are needing, if appraised at 100,000 and you need 100,000 that is 100 %, if you need 95,000 on down - Lets look a a few options.





# 1 - If you needed 100 percent - and your creidit is good in the 680 + range, you would go conforming - rates are better - but you would have what is called MI insurance on the loan. MI inusurnace, on any LTV over 80 percent. But it drops off once your princliple balance is paid down to 80 percent, in this case 80,000 based on a 100,000 loan amount.





# FHA - will go 97 percent on a purchase, with yoiu bringing in 3 percent. There are programs out there, that will do down payment assistance for up to 100 percent, than you would need to ask the seller, if they can help with closing costs. If one of my clients needed help with closing cost, I tell they not to quabble over the price of the home, since the seller is coming in wiht 4-6 percent of the loan for closing cost. Plus the seller has to pay the realitor their commission and that can be anywhere from 2-6 pts....Depends on the state you live in, and if it is regulated or not.





Sub-Prime - you can get a 1 loan at 100 percent or get 2 loans 80/20 loan - with the combined rates being lower - but rates are still good, and I have qualified may borrowers on the 1 loan program.





Like I mentioned it is all score driven. Companys look at both scores, and take the middle score to qualify you. If your middle score is 500 - sorry - but you would not be qualified for a 100 % loan. If you had a 525 could get you 85-90 LTV - if you had a 560 - 580 and higher it is workable.....But the rates on a 560 are higher, the perfect senerio is 580 + - with good trades, and not alot of collections. On a conforming deal A side, collections would have to be paid - depends on company and underwriter. I know it is confusing - but a good, loan officer, manager, broker who cares, will sit down with you and explain it all to you. Now to get back to the rate - Being in the business 6 years, I do not like to give my clients a higher interest rate- to make my money. What I mean is, if you have a rate say 9.05 at par - than some Lo's will add .40 or .50 pps to the rate to make 1 point on the back - I charge my fees up front in all of my deals, and since I process all of my deals have a netbranch out of my home, I am able to do this. Thus you get a good rate (with over 150 companys to choose from, since I am a broker) So the question I would ask a company #1 what are your fees, What do you charge upfront (percent ), Is my rate at par, with no added YSP (yield spread added).


Good luck,
In my opinion, you should team yourself up with someone you can trust, who is a mortgage planner. Just as a baseball team has a head coach, pitching coach, batting coach, physical trainer, etc... You should surround yourself with individuals that are committed to your personal success and well being.





Going directly to a specific lender, who will want to pull your credit report, only gives you that lenders rates. Then when you shop it to a new lender to compare pricing, they'll want to pull your credit too...then again if you want a third, fourth, or fifth opinion.





Working with a mortgage planner will allow that person to pull your credit once and shop your needs and situation around to a variety of lenders and report back to you with whats out there that may be a good fit, giving you several options to work with.





They also have extensive knowledge and experience in presenting your situation to a lender in the best light possible, especially if you are in a peculiar situation.





You should also read up on the different types of programs that are out there and get a genreal understanding of why each is useful in it's own rights; and how to utilize them to your best advantage.
Newspapers and some web sites give daily mortgage rates. Just have to compare and see. Also most banks post their mortgage rates (average) on web sites or at the branch.
Maybe I can help you....I'm a loan officer and I work for World Savings Bank, we are Fortune 500 portfolio lender!!! I would be happy to help you but I would need more details about your situation!


If you are interested feel free to email or call me directly








Have a Great Day!





Jeremy Musok


Direct : (240) 644-8059


JMMusok425@worldsavings.com