How do you get the best mortgage deal?
We have been pre-approved by a mortgage company. The mortgage company has recommended a real estate agent. I am a little leary of going with this real estate agent, however, because, being a first time home buyer, I need a lot of guidance. I am afraid that, being tied to the mortgage broker, the real estate agent might not fight to get us the best mortgage deal (if it happens to be with a company other than the original mortgage broker’s).
How do you go about getting a good mortgage deal?
first of all, the real estate agent is not there to get you a deal on a mortgage – that is either your responsibility or the mortgage broker’s responsibility. The agent is there to put you in a house (show you houses, explain the offer/acceptance routine, be there at closing and walk you through the purchase process).
If you do not trust you mortgage broker to get you a fair deal, then you can start calling around to banks in your area and inquire about their rates. This means, however, getting a new pre-approval and starting from scratch on the mortgage. Being a first-time buyer, if you go this route, you are going to have to educate yourself regarding rates and points and buy-downs.
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June 4th, 2010 at 6:48 am
first of all, the real estate agent is not there to get you a deal on a mortgage – that is either your responsibility or the mortgage broker’s responsibility. The agent is there to put you in a house (show you houses, explain the offer/acceptance routine, be there at closing and walk you through the purchase process).
If you do not trust you mortgage broker to get you a fair deal, then you can start calling around to banks in your area and inquire about their rates. This means, however, getting a new pre-approval and starting from scratch on the mortgage. Being a first-time buyer, if you go this route, you are going to have to educate yourself regarding rates and points and buy-downs.
References :
June 4th, 2010 at 7:06 am
from what i hear, and i work for a bank, a broker is the worst way to go because you are spending alot of money for not much service. I just bought my first home and couldn’t have done it without my real estate agent. I would apply through lending tree.com (there are a few banks that will actually compete for your business) I would also look into credit unions as well. dont forget you get the 8k for first time home buys from obama!
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June 4th, 2010 at 7:12 am
Do not use their recommended realtor. Use one that you select.
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