HERE’S THE INSIDE SCOOP ON HOW TO DO IT RIGHT!

Make sure you are working with an experienced, professional loan officer. The largest financial transaction of your life is far too important to place into the hands of someone who is not capable of advising you properly and troubleshooting the issues that may arise along the way. But how can you?

Once you are satisfied that you are working with a top-quality professional mortgage adviser, here are the rules and secrets you must know to “shop” effectively:


​​IF IT SEEMS TO GOOD TO BE TRUE, IT PROBABLY IS

But you didn’t really need me to tell you that, did you? Mortgage money and interest rates all come from the same places, and if something sounds really unbelievable, better ask a few more questions and find the hook:
  • Is there a prepayment penalty?
  • If the rate seems incredible, are there extra fees?
  • What is the length of the lock-in?
  • If fees are discounted, is it built into a higher interest rate?
UNDERSTAND THAT INTEREST RATES CAN CHANGE DAILY, EVEN HOURLY

This means that if you are comparing lender rates and fees – this is a moving target on an hourly basis. For example, if you have two lenders that you just can’t decide between and want a quote from each – you must get this quote at the exact same time on the exact same day with the exact same terms or it will not be an accurate comparison. 
​
​YOU GET WHAT YOU PAY FOR
 
If you are looking for the cheapest deal out there, understand that you are placing a hugely important process into the hands of the lowest bidder. Would you ever want to travel in a car or airplane that had been built using the very cheapest materials, built by the very cheapest laborer? Probably not. Best case, expect very little advice, experience and personal service.
Best case, expect very little advice, experience and personal service. Worst case, expect that you may not close at all. All too often, you don’t know until it’s too late that cheapest isn’t BEST. That being said – remember that the cheapest rate on the wrong strategy can cost you thousands more in the long run.
 You absolutely must compare lender fees to lender fees, as these are the only ones that the lender controls. And make sure lender fees are not “hidden” down amongst the title or state fees. A lender is responsible for quoting other fees involved with a mortgage loan, but since they are third party fees – they are often under-quoted up front by a lender to make their bottom line appear lower, since they know that many consumers are not educated to NOT simply look at the bottom line!
APR? Easily manipulated and is of no value as a tool of comparison.
I wouldn’t be encouraging you to shop around if I wasn’t pretty confident that my team and I can give you a great value and serve you the very best in terms and rates.
​Please call me with any further questions you may have at this time. I am ready to work for your best interest!

    How can we help you?


Looking for mortgage advice?
We'll be glad to answer your questions about
your mortgage options!
Give us a call today at (925) 998-2964 or
E-mail: 
HomesandLoansCA@gmail.com

Golden Pacific Home Loans
2333 San Ramon Valley Blvd Suite 195 San Ramon, CA 94583
CA BRE# 01918049 NMLS# 967683