Consider these 4 tips when searching for a Las Vegas Home Mortgage Loan
1. Don't fret too long over small changes in interest rate or a couple of bucks in closing costs. I've had customers delay in locking rates so they can shop different lenders. At the same time the rates were going up due to our market shifting. They were comparing three different lenders against closing costs and interest rates. While haggling for what they perceived to be a better and better deal, the interest rates crept up day by day to the point where the customer had no choice but to take what they could get or else they couldn't close on their purchase in time.
2. If you really feel that you must get a couple of quotes then ask friends or family who they used in the past and how was their experience. Your realtor is also a good gauge for which lender to consult. And everyone knows a realtor!!! If you have chosen a trusted lender to work your loan, then they should be paid for their knowledge and services. The "You pay for what you get" theory still runs true in the mortgage industry. Choosing a lender that plans on working with you and your family for years to come will save you more money in the long term than any lender quoting you outrageous rates and next to nothing in closing costs today. Chances are that lender won't be around for your next transaction.
3. I'm sure you've heard that rates change daily and in a volatile maket, they can change hourly. To test the knowledge of your loan officer, ask them what mortgage rates are based on? If their answer is the 10-year treasury note, then you need to search for a new loan officer. Home Loan Rates trend in the same direction as mortgage backed securities which is the 30-year bond. Leaving the future security of what may be the largest asset of your life in the hands of a misinformed loan officer is risky for you and your family. You should be looking for a loan officer who is watching the correct economic indicators.
4. Consult a mortgage broker!!! Brokers have access to multiple lenders nationwide and thus have a wide variety of products and very often at discounted rates. If you've tried your local bank and were turned down, consult a mortgage broker. Banks can only offer programs within their own walls and don't have the capability of shopping outside. As I've said, brokers have access to many lenders/banks' products ranging from A-paper programs for excellent credit down to sub-prime programs for challenged credit. This holds true even if you're shopping for new home construction. If the new home builder's lender turned you down, don't give up. A program may be right aroun the corner for you with a broker.
If you have a loan that was turned down by a home builder, call me
There are options even in today's market that allow for 100% financing
And for first time home buyers!!!