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Mortgage Rates Today
Residential Mortgage Application
Mortgage rates today. Spend a little time learning about the mortgage process and you will be in command of your loan application. With new laws, greater transparency, and the growing use of electronic systems, borrowers will find much to like in today's mortgage marketplace. Features include online mortgage shopping, lower mortgage rates, and easier-to-compare financial options.
Mortgage are pretty much the same and most mortgage lenders use identical loan documents. So what is the difference between one lender and another? First and most important is whether you can get approved.
Underwriting standards for mortgage loans are defined by government agencies so there is not too much difference in the approval process. When you talk to a loan officer or application taker about your loan, they should be able to evaluate your ability to pay during the application process. What they won't know is the quality of your credit or if your income is what you said it was. Those will be verified during the underwriting process.
As a borrower you have two concerns about service. First is during the loan approval process and second is after the loan closes. While both are important, poor service after closing is going haunt you for many years. Look to ratings on the Internet to see which lenders score the highest. Always go with quality lenders with proven track records.
Mortgage Loan Variables
As we said earlier, mortgage loans are pretty much the same except they are different when it comes to the interest rate and fees charged by the lender. At application you will get a loan estimate that discloses the interest rate and fees. This makes it easy to compare lenders. That is the big advantage of using a mortgage company such as Lending Tree. They shop your application to several quality lenders at once, and you get to compare the deals right away.
Mortgage Loan Disclosures
New, easier to understand loan estimate and closing disclosure make the process more transparent and allow you to make intelligent decisions that affect your costs. Be sure you understand the relationship between your loan interest rate and any discount points the lender wants to charge.
Escrow for Taxes and Insurance
Learn about what the initial escrow statement means and how much money you will need up front for the escrow fund.