Mortgage Advice

February 15, 2010
Matt Isleib

 

Here is some mortgage advice for all types of borrowers. It does not matter whether you are purchasing a home or trying to refinance a home in CT or anywhere in the US for that matter. Here are some good tips:

The biggest question asked is whether it is best to use a mortgage broker or your local bank. The best answer that I can give is if you go to your local bank whatever rate they are offering is what you are getting. Where as a mortgage broker is looking over all the different banks and lenders to see what the best deal is available for you. For the most part you can often get a better rate from a mortgage broker than your bank. And there are several instances where your local bank may have a special program that has a great rate. The best advice is to shop around and compare the two

A mortgage broker needs to be licensed and pass a test to originate loans where as the employee at your bank does not.

If you are looking for definitions of terms of the mortgage process I wrote a vast database of terms and definitions that you can use. Go to www.LoanClassroom.com and look under the glossary.

If you are looking for a payment calculator or want to apply for a mortgage go to www.EversleyCapital.com and you will find a free mortgage calculator, a secure place to apply and also get more questions you may have answered.

And as always I am around any time via phone or e-mail if you have any questions 203-838-6760.