How to Get the Best Mortgage

How do you know you’re getting the best mortgage?

Of course, everyone want the best mortgage, including us who work at LendPlus Financial.  It’s only natural, right!  Well we would like to show you what to do to insure you get the best mortgage program, rates and conditions base on your particular circumstances.  We lots of referrals because we take pride in insuring that our clients get the best loan and rates in the marketplace, at any give time.  Here is what you need to do:

Do your homework! Evaluate your current qualifications, income, job history and the amount of money you have to put down for a home as well as the cash reserves needed based on underwriting guidelines.  After all, qualifying for certain interest rates adjust based on all these factors. Lenders use a certain guidelines set forth by federal guidelines and lender guidelines to determine “RISK” based on your credit, work history, family size to income, and other factors to determine the interest rate you will qualify.  So, it is best to deliver the paperwork ahead of actually looking for a home. That way you can get the information you need and be pre-approved for a loan.  Once that happens, you will have an idea as to the type of rate range you qualify.  After you find a home and place the home into escrow, you can narrow down the interest rate range you qualify based on exterior market conditions like the bond market and other external economic factors.

Once you get into escrow and the time comes for you to lock an interest rate, you will be given a range of rates to choose. A range of rates are provide because you may want to “buy down” the interest rate to a lower rate by paying more money to lower the rate now and take advantage of the favorable rate. You can also accept a higher rate and use that money from the rate difference to pay for additional closing costs, if you do not have the money upfront.  Lenders allow for all kinds of situations where the rates can be lowered or raised for various beneficial reasons to benefit you.  Consult a loan agent at LendPlus Financial to work out a loan program and take advantage of rates that work in your benefit.