How many mortgages have you shopped for?
If you are like most people, not many.Shopping for a mortgage
can be difficult. You want to get the best rates, and
the best terms.
In order to make this process easier, Alta Mortgage
has developed this handy guide to help you become a
better mortgage shopper.
Before you start shopping, figure out your situation
and decide what exactly you are looking for. Once you
have done that, and you have looked at our mortgage
facts guide, refer to the lists below to make sure you
are comparing apples to apples when looking at competing
offers.
There are several things to look at when comparing
mortgages. We have divided the more major ones into
4 categories, and listed some of your options under
each one.
* Programs
o I want a standard mortgage for a new home that I want
to buy.
o I am looking for a pre-approval for a home I haven't
identified yet.
o I wish to refinance my current home.
o I need a home equity, or debt consolidation loan.
o I am looking for a mortgage for a commercial or investment
property, such as a multi-unit dwelling.
* Interest Rates
o I am looking for a fixed interest rate for the life
of the mortgage
o I want a low interest rate up front, even if it changes
later.
o I am willing to pay points to get a better interest
rate.
o I am willing to accept a pre-payment penalty in exchange
for a lower rate.
* Documentation
o I am willing to fully document all of my assets and
sources of income, including providing leases, W-2s,
bank statements, and tax returns.
o I am willing to document my assets, but would prefer
to not document my income
o I do not want to document any of my assets or income
sources.
* Credit/Debt Ratios
o I have excellent credit, and not a large amount of
debt.
o My credit is in good shape, but I have a lot of debt.
o My credit suffers from a few late payments that I
can explain.
o I have a recently discharged bankruptcy.
While this list does not cover all situations, it should
provide enough information and choices to allow you
to figure out your situation in similar terms.
