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How to Choose a Mortgage Lender

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How  to Choose a Mortgage Lender Powered By Docstoc
					How to Choose
a Mortgage
Lender
Although the American mortgage industry is         Contents
                                                   Introduction………………............……1
very competitive these days, the principle of
                                                   Track Record................................…2
beware the buyer still applies and cheap is        Service Levels.....................……..…..2

still seldom best. A wise decision is one that     Lendings Fees.....................……..…..2

considers all of the following factors, and in a   Interest Rates.....................……..…..3


balanced way too.
                           2


                                Track Record

                                Any      lender    who   willingly     plundered     American
                                homeowners before the financial crisis for a cheap buck is
                                definitely   a    no-no. There   are    enough     responsible
                                corporations out there from which to choose. Googling for
                                “lender name” plus “complaint” picks out the bad ones real
                                quick.



 Service Levels

 Does the lender have an office in your hometown where you can talk to real people not
 call centers? If they do have one, pop by and try them out for friendly advice like free
 counseling and educational handouts.




Lending Fees

Higher lending fees mop up the benefits of lower interest
rates. Ask probing questions and then ask the lender for
a written all-in quote. You will be surprised at what pops
out in writing that was not even mentioned at the
interview. When this happens, chances are you could be
dealing with a cowboy lender.
                                                                                                         3


 Interest Rates


 After you have identified five lenders that checked out
 okay so far, you can get down to the serious business of
 negotiating interest. Do not sniff at an offer of a quarter
 percent below a lender’s normal rate. It can add up to a
 handy sum.




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                                               from their customers. That means shopping with your
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www.ForeclosureDataBank.com
                                               around      for      a     foreclosure      bargain       at
                                               ForeclosureDataBank.com?

				
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posted:4/27/2011
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Description: This presentation covers important details on how to choose a mortgage lender. Visit ForeclosureDataBank.com to get further information on foreclosure real estate.