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Where to Find a Mortgage Lender
from: Mortage & Debt FactsIf this is your first time buying a house, you probably are trying to figure out where to get a mortgage lender.
Often, people don’t go looking for a mortgage lender until they’ve looked at some houses for sale. However, that may be a mistake in this economic climate. You may end up finding the perfect house and realizing only too late that you can’t find a mortgage lender to qualify you for a loan.
Start early to look for a mortgage lender and have all your documentation in order to make the purchase less stressful and more efficient over all.
Mortgage Brokers
You can start the process by either looking in the phone book for local mortgage brokers or contacting the local board of realtors to get a listing. Either way, you will find many different mortgage broker companies listed that can help you find a great mortgage professional. Another more reliable way is to get a reference for a mortgage lender from someone you know. Sit down with the mortgage lender early to find out how much house you qualify for or whether there are any issues that will keep you from getting a mortgage that need to be resolved.
Online Mortgage Lenders
There are broker listing agencies on the Internet, like lendingtree.com, that allow you to put in your information for people in the mortgage industry to bid competitively for your business. This can be a great way to get acquainted with whether you make an attractive client or whether you get few offers and poor terms.
Then, you can start to address the issues and try again later, if it doesn’t work out. Getting a mortgage is a lengthy process and don’t be too upset if they ask you for paperwork that may seem redundant. It’s in their interest to verify your loan and ability to pay your projected mortgage and it can save you the problem of buying more than you can afford.
Realty Agents
If you are already in the process of home shopping, you can ask your real estate agent to hook you up with a mortgage broker. This isn’t the preferred method, as you have no idea what type of business relationship a real estate agent might have with a particular mortgage lender. The one they steer you to might not be the best lender, but rather one they are receiving some sort of payback from by steering business to them.
Although this isn’t always the case, it’s something to be aware of when trying to find a reputable mortgage broker who can offer a competitive bid.
On the other hand, a real estate agent may prefer working with one mortgage broker over others because the agent knows the broker to be honest and efficient. A good working relationship between your real estate team members can make the transaction go smoothly.
Mortgage News Specific links
Mortgage News News
Freddie Mac: 30-year mortgage rate down a tick at 3.78% - Los Angeles Times
 WRAL.com | Freddie Mac: 30-year mortgage rate down a tick at 3.78% Los Angeles Times By E. Scott Reckard Record low interest rates for 30-year mortgages edged down another tick, Freddie Mac said in its latest survey, which showed lenders across the nation offering the benchmark loan at 3.78% compared to 3.79% last week. US 30-Year Mortgage Rate Falls to Record 3.78 Pct. PRESS RELEASE: Freddie Mac Says Historic Lows For Fixed Mortgage Rates Hold Steady 30-year mortgage rate hits fourth straight record low |
Negative equity remains a drag on housing market - Los Angeles Times
 Los Angeles Times | Negative equity remains a drag on housing market Los Angeles Times Nearly 1 in 3 homeowners with a mortgage in LA County owes more than the property is worth, new data show. These underwater loans hinder mobility and hurt prices because they tend to stymie the important move-up market. More than 60% of loans are ... More than 30% of mortgage borrowers still underwater Half of metro Atlanta mortgages underwater 44% of Cook County homes with a mortgage are underwater |
New York Mortgage Trust Announces Public Offering of Common Stock - MarketWatch (press release)
New York Mortgage Trust Announces Public Offering of Common Stock MarketWatch (press release) NEW YORK, May 24, 2012 (GlobeNewswire via COMTEX) -- New York Mortgage Trust, Inc. (NASDAQ:NYMT) ("NYMT" or the "Company") announced today that it has commenced an underwritten registered public offering of 4000000 shares of common stock. New York Mortgage Trust Arranges Long Term Financing Secured by Multifamily ... Multifamily resecuritisation completed |
Bankrate: Mortgage Rates Hold at Record Lows - MarketWatch (press release)
 San Francisco Bay Area Today (press release) | Bankrate: Mortgage Rates Hold at Record Lows MarketWatch (press release) NEW YORK, May 24, 2012 /PRNewswire via COMTEX/ -- Mortgage rates were little changed, remaining at record low levels. The average rate on the benchmark 30-year fixed mortgage rate was unchanged at the record low of 3.97 percent according to ... Mortgage Rates Remain at Record Lows Mortgage Rates Today: Wells Fargo, PNC Bank and KeyBank Refinance Rates for ... Today's Mortgage Rates for 5/24/12 |
American Capital Mortgage Investment Corp. Announces Pricing of Public ... - MarketWatch (press release)
American Capital Mortgage Investment Corp. Announces Pricing of Public ... MarketWatch (press release) BETHESDA, Md., May 24, 2012 /PRNewswire via COMTEX/ -- American Capital Mortgage Investment Corp. (NASDAQ:MTGE) ("MTGE" or the "Company") announced today that it priced a public offering of 11000000 shares of common stock for total expected gross ... American Capital Mortgage Investment Prices Stock Offering American Capital Mortgage Investment Corp. Announces Public Offering of Common ... |