What should I consider when getting a mortgage?

I am in the process of finding a lender to get preapproved for a mortgage. They all have different fees, interest rates, and recommend different things. One says a Veteran loan is the best way to go, another says it is the worst way to go.What should I consider when getting a mortgage?
It depends upon your situation. Most of them are just looking for a wedge they can use to talk you into signing with them. That's business. They are looking to sell loans. They don't sell loans, they go out of business.





The one who asks about your needs is the one who is likely worth talking to.





The one who talks about payment is a scam artist. Avoid them.





The one who talks about type of loan and interest rate and the trade-off between rate and cost is likely worth talking to.





You need to find out what loan market you're in. Are you A paper with good to excellent credit, or do you have to go sub-prime? Can you prove you make enough to justify the loan, or are you going to have to do stated income? Have you been in the same line of work for at least two years?





There is always a tradeoff between rate and cost for the same type of loan. 5.5% on a thirty year fixed was available yesterday with 2.5 points (a charge of 2.5% of loan amount, paid when the loan funds), or you could have had 6.125 for zero with all of your costs paid by the lender. If you're going to keep it fifteen years, which few people do, the first is a better loan. If you're going to refinance or sell within two to three years, like most people do, the second is a better loan.





Here's a list of questions to ask prospective loan providers. It's copyrighted, but permission has been explicitly granted for anyone to use it for personal use:





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When comparing two loans, it is very rare for one to be all around better than the other. You're going to have to make a choice as to what is most important to you, what you're willing to pay for - and what you're not.What should I consider when getting a mortgage?
you need to tell them what all your goals are, and then they should be able to narrow it down to 1 to 2 options and explain exactly why that one works for you.


Good luck, there is a lot of people to choose from and finding one can be hard


cjkloanguy@yahoo.com


Any a friend can recomend? keep in mind though, just because they know somebody, doesn't make them the best, just better odds.
If you want personal service and the least grief go with your local Brick and Mortor Bank down the street with a 80% loan with 20% down. Reason being is with a larger down there will be less up front cost and you will be in control of where to buy your homeowners insurance and seeing that your Real Estate taxes and other property dues are paid on time and in full. Then if and when there is a problem you can go in person to that bank and talk looking someone in the eye if there is ever an accounting problem that needs to be corrected.
The type of loan you should choose is a very individualized decision. The controversy you are experiencing over VA may well be because one of the lenders with whom you spoke may not be able to do VA loans. Not all loan officers have access to VA. And, unfortunately, a less than ethical loan officer may discourage you from using your VA entitlement in order to get the loan fee. In addition, VA limits the amount of loan fee a loan officer can charge to 1% of the loan amount so the only way they can make more is to increase your interest rate and get additional money from the overage the lender will pay in trade for the higher rate. A VA loan may be just the ticket but you need someone to investigate and explain all of your alternatives so that you may choose the one that best suits your needs and goals.





Costs and fees will vary a bit from lender to lender but you can compare them most easily by comparing the APR (Annual Percentage Rate) that is reflected on the Truth In Lending Agreement (TIL). Any loan office who will not supply you with one of those is someone I would avoid. The APR is the cost of the financing reflected in a rate of interest. The closer the APR is to the rate of interest quoted, the less you are paying for the financing. Remember though, all quotes are estimtes until such time as you lock in your rate or interest.





It is tough out there for consumers to select quality, ethical loan officers, partly because we in this industry have spent so much time and advertsining teaching consumers to shop only for the interest rate. In doing so, we did not do you a service. The interest rate is only one component of what may make a loan product the right one for you. It doesn't matter how low the rate is if you pay too much for it or the loan process leaves you frustrated, unhappy, and not certain you made the right choices.





I've been a loan officer for more than 20 years and this is such a technical business with so many options I feel for the poor consumer who must make these decisions without competent caring assistance.





I'd be happy to help you and answer your questions. My email is Nlabonte@firsthorizon.com.
Scott, you are clueless. You obviously don't have a mortgage.
You have some great advice from what seems to be some highly experienced professionals. I agree ask questions as this will sort out the pretenders and those who really know their stuff. It's tough to say if a VA loan is for you as depending of circumstances it may be in your best interest not to use your VA loan. I highly recommend contacting a mortgage broker as they have buying power. What that means is they control millions of dollars a month and can get favors from lenders i.e. exceptions, lower rates and even close faster. I hope this helps you but if you have any further questions or need any additional help please feel free to email me or visit my website www.dantadgerson.com.
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