3 Ideas That Will Save You $$$ On Your Home Loan
Here I will show you some different ways that you can save on your mortgage that other mortgage companies would prefer you didn’t know.
The 1st Thing
Don’t give out your Social Security number or income/asset information until you KNOW what the mortgage company can do for you!
Mortgage lenders are trained to ask for this information as soon as possible since it “commits” you to using them.
Most folks don’t want to send this sensitive information to too many people so the sooner someone can get it out of you, the less likely you are to shop around.
DON’T do it. Make them give you their best quote first and then, if and when you decide to use that mortgage company THEN you can send them the documents they need.
(It is however ok to tell them on the phone how much you make, what your fico is, etc. The important thing is to just not send them any physical documents until you have their best offer and you’ve chosen to go with them).
Step 2
DO NOT pay any application fees to any mortgage lender.
The only reason they do this is to further get you committed to using that particular home loan company and to entice you not to shop around. If the lender tries to get you to pay for things upfront–even small things like pulling credit, the best thing to do is just say no and find a better lender).
Step 3
Many lenders are known to low ball fees that are from third party companies
A mortgage company can control what THEY charge but they cannot control what third parties like title companies, appraisers, and inspectors charge.
Many times mortgage companies will intentionally show those fees less than they really are to make their total quote look much less than the competition. Just make certain that you research these fees on your own to see that they are accurate.
Try to double check everything and be aware of any costs such as the tax reserves, insurance reserves, etc. that seem to be unreasonably low.
Remember, when comparing mortgage offers, the best thing to do is to compare just the lender fees because nearly all of the other 3rd party charges won’t change a whole lot when you compare one mortgage lender to another.
To learn more about a Utah Mortgage Lenders, stop by my site where you can find out all about how to get The Best Mortgage Quote and how you can save money!
Tags: Conventional Loans, FHA Loans, FHA Mortgage, Mortgage, mortgage lender, real estate, Utah Home Loans, Utah Mortgage Loans
