Shopping for a home loan? Here’s how.
Traditionally, shopping for a mortgage involved looking through swarms of bank offers, mortgage companies, online lenders, and more. Since the creation of YourCasa, that grueling process is no longer necessary. Finding the right mortgage lender has never been easier. YourCasa will provide you with several lending institutions. Obtain all relevant cost information, including but not limited to rates, fees, points, down payments, and private mortgage insurance. Your lender will review and compare the loans with you. If possible, negotiate with the lender or broker to waive or reduce fees or get a lower rate. It never hurts to ask, especially when you have those trusted experts by your side. Depending on the current economic climate, it may be in your best interest to request a written lock-in, which protects your rates from increasing. However, if interest rates fall once the papers are signed then you may be locked into paying fees that would have otherwise been lower. To those in the industry it always seems that if you don not have a lock-in, rates will increase. If you do have a lock-in, rates will decrease. No one knows, but one thing that is certain is that your lender should be able to assist you in making the right decision. Lastly, your lender and agent should make sure your Constitutional rights are not infringed upon by unfair practices, and that all parties involved in obtaining a loan abide by the Fair Housing Act and Equal Credit Opportunity Act.