Orange County Mortgage Shopping: Compare Rates and Loans
By Gil MackeyLocal Lender Columnist
Jun 19, 2008
Have you ever wondered what you need to do to get the best deal you can on a mortgage? This article may shed some light on the subject.
Mortgage Rates
Today's mortgage rates are in constant flux. Economic factors impact mortgage rates on a constant basis, causing them to change from fractions of a percentage point to nearly a full point from one week to the next. If you're interested in either a new home loan or refinancing your Orange County mortgage, it can be difficult, if not impossible, to predict what the market will do or you can benefit. So how do you take control?Shop Lenders, Shop Rates
The answer is to shop around. The Federal Housing Authority (FHA), which insures federally-backed mortgage loans, suggests on its web site, "For the best interest rate and terms on a mortgage, you should compare mortgages from several different lenders." This is the secret to getting the best deal you can on your Orange County mortgage. Only by checking with multiple mortgage lenders, comparing rates, and negotiating, can you be sure that you're getting the best deal.Smart Mortgage Shopping
As you start on your search, here are some tips to make your mortgage shopping a little smoother:- Create a worksheet of questions to ask of each mortgage lender
- Compare the same type of loan with each mortgage lender
- Ask for your mortgage rate to be locked-in (usually only available if you have a property selected)
- Negotiate--some mortgage lenders may be willing to negotiate rates, closing costs, or points
- Ask questions. It is your responsibility to understand how your mortgage works.
Sources: About the Author
Gil Mackey has been a writer and artist for the past twenty years. In addition to freelance writing, Gil writes for his local paper, and lives with his two children in Nevada.