Insider Mortgage Secrets continued...

INSIDER SECRETS, continued...

Secret #6 - How to make sure your loan quotes are real

Now it's time to do all of your research, call several lenders, and start to gather quotes.  But there is one big problem!  Interest rates change daily and sometimes several times a day!  If you shop a list of lenders over a period of several days, then your rate quotes are basically meaningless!  Why?  Because one lender who might seem to have the best rate one day, might have the worst rate the next day!  It's like comparing 'apples and oranges' because as lenders re-price their loans every morning, some become more competitive than others on that particular day.  And it can change back and forth each day. 

The best way to approach this dilemma is to price all of your preferred lenders on the same day until you make the decision to apply for a loan with one of them.  That way, you can make a true comparison.  But know that rates still change daily even after you have applied for the loan until you tell your lender that you want to LOCK your rate. 

If your loan officer is experienced, he can give you an opinion about the direction of the market and when it's best to lock the rate.

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Secret #7 - How to REALLY get the best mortgage deal...

If you follow my Insider Secrets, you are now prepared to shop for your mortgage loan with your eyes wide open and a little more knowledge about the process.  This final secret will insure that you get the best deal as you go through the process of collecting loan quotes.

If you have given information to an online search engine, you will be contacted by several mortgage companies who want to compete for your business.

Here is what I want you to do.  Talk to these companies and give them your story.  They will quote you rates and programs.  Make sure that you have each of them fax or email you a 'Good Faith Estimate of Closing Costs'. 

Please disregard any lenders that you feel are not being honest about disclosing their fees or if you feel 'sales pressure' of any kind.

Once you gather these Good Faith Estimates, fax them to my attention at (714) 701-1910.  Click here to print out the Insider Secrets Fax Form to use for this purpose.  I will analyze them and also offer my own quote and Good Faith Estimate for your review. 

I'll be honest with you... I will try my best to beat your other quotes.  If I am able to do this and save you money, then I earn a little extra business and we all win!

If I can't beat your other quotes, I will gladly give you my opinion about which quote appears best.  Of course, if I don't recognize the company, I can't vouch for their business practices...but I can at least tell you if the Good Faith Estimate appears to be completed legitimately and if the interest rate quote is really one that is potentially available in the marketplace, or whether they might be purposely quoting a lower rate only to 'bait and switch' you later.

That's it...No Magic...No Surprises...and you could save thousands of dollars in loan fees or interest savings by following these simple secrets.

I have provided a worksheet to make it easier to shop for your mortgage loan.
Click here to view/print the Mortgage Shopping Worksheet

Good Luck as you shop for your mortgage...Know that I am always here to offer you any help or advice at no charge.  Just call me at (800) 877-7347 or email by clicking on: jimwalter@mortgageplanloans.com

Please note that any reduced 'internet special' rates or fees that I may offer you do not appear on the Mortgage Plan website as we are not able to offer these incentives to our regular clientele due to 'fair market pricing' agreements that we have with our bank network.

If you would like to further discuss these secrets, or have any other questions, I would enjoy talking to you at your convenience.  Please contact me as follows:

Jim Walter
President
Mortgage Plan
1240 N. Lakeview Avenue
Suite 125
Anaheim, CA  92807
(800) 877-7347, toll-free  --  (714) 701-1910, fax

jimwalter@mortgageplanloans.com

'Originating Discounted Home Loans Nationwide'