COMPARE MORTGAGE QUOTES
Whether you are planning to buy a new home or refinance your current one, when it comes to mortgages, getting one could be confusing. We would always want to get the best deal from the lender. But how would we know if the one that we are getting is the best deal in the market? Well, to answer that question we need to make sure that we shop around, and how do we shop around? By comparing mortgage quotes. There are some basic steps to compare mortgage quotes to get the best out of the market.
DECIDE HOW MANY LENDERS YOU WANT TO SPEAK WITH
Make sure that you decide how many mortgage lenders you want to speak with before getting any quotes so that you can compare mortgage quotes more efficiently. You may want to speak to at least three lenders to get the best deals out of the market and increase your negotiation power. Speaking to too many lenders can create confusion and might affect your ability to make an informed decision.
You can also get information from Google to check which lender is doing great in your area and approach the best ones after checking their reviews. Once you have made this decision, you are ready to get and compare mortgage quotes and analyze them. Different lenders will provide you with different quotes, interest rates, and fees. The difference in interest rates may not be huge. Hence, you might want to focus on fees because the whole transaction should make financial sense and should be worth your money.
COMPARE MORTGAGE QUOTES ON THE SAME DAY
The bond market plays a major factor in how banks and mortgage companies price, fixed rates and costs. Sometimes, economic news like FED decisions, job reports, and trade news can impact mortgage rates during the day. Due to this, the mortgage rates fluctuate every day, sometimes more than once a day.
So, if you plan on talking to a couple of different lenders, see what each is offering on the same day and then make your decision. According to the Consumer Financial Protection Bureau (CFPB), Onan average, a borrower is able to save approximately three hundred dollars every year just by comparing mortgage quotes from three lenders.
However, you don’t have to limit yourself to that number. Since getting a mortgage quote from a lender is free, you can get as many as you want. You may want to get and compare mortgage quotes on the same day because interest rates change on a daily basis. You want to give the lenders a fair chance of competing for your business.
IS COMPARING RATES YOUR PRIORITY?
Once you have received mortgage quotes from the lenders, it is now time to compare. Your primary intention in comparing mortgage quotes is to save money. And you will rightly do it by aligning the lender with the lowest interest rate first. However, one thing to know is that rate is not the only thing that you need to look at while comparing.
There might be a lender who is offering you the lowest rate however, you might have to pay discount points to get that rate. Or a lender who is offering you a little higher rate but is helping you to get the minimum closing cost. Make sure you compare the loan estimate or the fees worksheet that you received from the lender wisely and properly. Getting the lowest interest rate might not always mean that you are saving money.
WHY USE COMPARE CLOSING LLC FOR COMPARING MORTGAGE QUOTES?
When it comes to comparing mortgage quotes with Compare Closing LLC, you can be assured that you are in safe hands. Compare Closing LLC is a company that is affiliated with top tier lenders and brokers and can compare mortgage quotes for you. You don’t have to go through the pain of finding the lenders, speaking to them individually, and going through the entire comparison process. All you need to do is get the mortgage quotes and call us or use our online compare mortgage quotes calculator to understand which lender is offering you the best deal. Moreover, if any of our lending partners are able to offer you something better than what you have received, we will also provide our quote and let you know the best that our preferred lenders can offer. So why wait? Your next mortgage deal is just a phone call away. Remember, when lenders compete for your business, you will be the one to reap all the benefits.
