Finding The Best Mortgage Lender

For the​ past three full months,​ the​ final contestants in​ the​ national song contest have been performing songs from different genres each week. They have crooned sad,​ sentimental country tunes. They have belted out lively rhythm and blues classics. And they have motivated everyone in​ the​ huge theater and across the​ world to​ hum along with their interpretation of​ a​ recent #1 hit. Tonight,​ you​ are one of​ two surviving contestants. Standing on​ stage,​ you​ wait in​ anticipation as​ the​ nationwide voting results are about to​ be revealed. as​ the​ host lifts the​ envelope's flap,​ you​ can almost hear your heart's thump thump. He slides the​ card out of​ the​ holder and you​ feel your entire body tense up as​ if​ enveloped in​ a​ Scuba suit. With millions of​ eyes on​ him,​ the​ host announces,​ "And the​ winner is...."

Our fascination with contests,​ real or​ imagined,​ show just how obsessed we are with being first or​ best. Consequently,​ in​ a​ society where being the​ best is​ the​ ultimate goal,​ it​ makes sense to​ search for the​ best mortgage lender.

Second Best is​ Not Best
Being second best never cuts the​ mustard in​ modern times. Professional athletes never seem to​ achieve true greatness without winning a​ championship ring. Moreover,​ though receiving an​ "honorable mention" ribbon at​ the​ country fair's watermelon-growing contest is​ a​ kind gesture,​ it​ somehow never provides the​ same satisfaction as​ being handed that sparkling,​ larger-than-life,​ first-place trophy. Similarly,​ why settle for second best when you​ can find the​ best mortgage lender?

It's Hard Work Being Number One
As Wesley Snipes explained in​ one of​ his films,​ "It's hard work being this good!" By and large,​ success has two ingredients: hard work and sacrifice. Though he had the​ natural talent to​ fly,​ Michael Jordan became the​ best by perfecting every aspect of​ his game. Then,​ there's Bill Gates whose net worth equals over $50 billion! Though he never graduated from college,​ the​ face of​ Microsoft spent years computing his vision for PCs worldwide. It's not easy being number one. So,​ when you're looking for a​ house to​ invest in,​ go for the​ best mortgage lender. With a​ best mortgage lender looking out for your interest,​ you​ can be sure to​ get a​ good deal.

The Leading Lender
What steps should you​ take to​ find the​ best mortgage lender?

* Collect information from different lenders to​ find the​ best price. the​ best mortgage lender knows that even if​ you​ shop around,​ you​ will return to​ them. Brokers can help to​ find a​ lender for you,​ but always ask about how they are compensated for their services. .

* Get all of​ the​ vital cost information that you​ need. Ask about the​ lowest mortgage interest rate that the​ lender or​ broker offers,​ whether the​ rate is​ fixed or​ adjustable,​ and the​ loan's Annual Percentage Rate,​ or​ APR. Learn about the​ current rates and points,​ and ask that the​ points be quoted in​ dollar amounts. Learn what fees are involved in​ the​ mortgage,​ and which services are linked to​ which fees. Lastly,​ learn about the​ requirements for downpayments. if​ you​ cannot provide a​ down payment,​ you​ might have to​ buy private mortgage insurance,​ or​ a​ PMI.

* Lastly,​ after comparing lenders and brokers,​ choose the​ best mortgage lender and then start negotiating. Ask if​ any of​ the​ fees can be lowered or​ waived. After negotiating,​ you​ can request a​ written "lock-in,​" which carves what you​ have agreed on​ in​ stone or​ more technically,​ on​ paper. This document should include the​ rate that you​ agreed to​ pay,​ the​ duration of​ the​ lock-in,​ and how many points need payment.

Being number one is​ never easy,​ so searching for a​ premium mortgage rate will require some footwork. But if​ you​ can find the​ best mortgage lender,​ consider the​ work well worth every painstaking minute and hour.

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