Help needed finding a low interest rate for a home purchase loan.?
I am looking for suggestions for a good place to apply for preapproval for a home purchase loan. We want to make sure that we get the best interest rate, but don't want to have multiple credit checks on our credit. We have excellent credit, so this will not be a problem. Just want to make sure we get the best deal for a fixed rate 30 year mortgage with low closing costs. We have found the house that we want to make an offer on. We just need our preapproval before we can make that offer. I don't want to do lending tree, because they put multiple credit checks on your credit and I have looked at the interest comparisons online and they are very limited. I know there is somewhere out there that we can find a lower interest rate. All help will be highly appreciated.
You can get your own credit report for free (link on my website) and get your credit score. That is helpful to Loan Officers when getting you prequalified and it doesn't hurt your score or show as an inquiry when pulling it yourself. I am happy to answer any additional questions, including fair interest rate information.
Make sure you take a look at the site below. This is very informative on rates. If you like what you see, contact me and I will help you get financed and work with you one on one to ensure an easy purchase.
Sincerely,
Jon
A few pointers when shopping for a mortgage:
1. When comparing lenders, make sure they offer FNMA loans. As your credit is good, no sense in even speaking with a subprime lender, e.g., Ameriquest.
2. SHOP RATES ON THE SAME DAY! Rates change daily, therefore, if you call lender A on Monday, and then call lender B on Tuesday, you're not getting a true apples to apples comparison. When I was a loan officer, this happened quite a bit when I would get calls from shopppers.
3. Make sure you are comparing the same products. Again, had this happen a few times where the borrower called me on a quote for a 30 year fixed, and when he said he was offered a lower rate, turns out it was on a 15 year.
4. Make sure all lenders quote you a rate with 0 points. A point is a fee to buy down the interest rate. Also, make sure there's no origination fee. This fee, when charged, is 1% of the loan amount.
5. Use the lingo that lenders use. When asking for a quote, ask "what's your par rate on a 30 year fixed?" The word "par" is lender speak for "no points." By using this one little word, they'll know you've done some homework.
5. Too many credit inquiries hurting your score is a thing of the past! Read this article on bankrate.com, and see #4 of the 11 Credit Report Myths. http://www.bankrate.com/brm/news/debt/debtmanageguide/report-myths1.asp?caret=39
Good luck!
write the details at kishaloy_bhowmick@yahoo.com and will get back to you at the earliest .
regards,
kish
480.751.4125
Loan Officer