{"id":121,"date":"2021-08-02T10:17:46","date_gmt":"2021-08-02T10:17:46","guid":{"rendered":"https:\/\/xlnc.info\/instamortgage\/?page_id=121"},"modified":"2023-12-15T04:50:57","modified_gmt":"2023-12-15T04:50:57","slug":"how-to-shop-mortgage-rates-like-a-pro","status":"publish","type":"page","link":"https:\/\/xlnc.info\/instamortgage\/how-to-shop-mortgage-rates-like-a-pro\/","title":{"rendered":"How to Shop Mortgage Rates Like a Pro"},"content":{"rendered":"<div class=\"mortrate-page guides-detailed-page\">\n<div class=\"container\">\n<h1 class=\"sr-only\">Mortgage Rates<\/h1>\n<div class=\"abcfhaloans-content \">\n<div class=\"row justify-content-center\">\n<div class=\"col-md-10 col-lg-7\">\n<div class=\"content text-center \">\n<div class=\"title\">\n<h3 class=\"textcolor\">How to Shop Mortgage Rates Like a Pro<\/h3>\n<\/div>\n<p class=\"text\">This easy-to-follow guide covers everything you need to know about shopping for mortgage rates, and how to do it like the pros. Start from the beginning or jump in wherever you are to continue!<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"container-fluid\">\n<div class=\"abcfhaloans-content \">\n<div class=\"coltab-section p2rem\">\n<div class=\"row\">\n<div class=\"col-md-4\">\n<div class=\"collapse-section\">\n<div id=\"accordionGuides\" class=\"accordion\">\n<div class=\"card\">\n<div class=\"card-header\"><button class=\"btn btn-link btn-block text-left\" type=\"button\" data-toggle=\"collapse\" data-target=\"#basmortrate\"><span class=\"number\">1<\/span> Basics of Mortgage Rates<\/button><\/div>\n<div id=\"basmortrate\" class=\"collapse show\" data-parent=\"#accordionGuides\">\n<div class=\"card-body\">\n<ul id=\"pills-tab\" class=\"nav flex-column nav-pills\">\n<li class=\"nav-item\"><a id=\"onecol\" class=\"nav-link active\" href=\"#wheredocome\" data-toggle=\"pill\">Where Do Mortgage Rates Come From?<\/a><\/li>\n<li class=\"nav-item\"><a id=\"twocol\" class=\"nav-link\" href=\"#loanlevel\" data-toggle=\"pill\">Understanding Loan Level Price Adjustment<\/a><\/li>\n<li class=\"nav-item\"><a id=\"threecol\" class=\"nav-link\" href=\"#askshoprate\" data-toggle=\"pill\">Questions to Ask a Lender While Shopping Rates<\/a><\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"card\">\n<div class=\"card-header\"><button class=\"btn btn-link btn-block text-left collapsed\" type=\"button\" data-toggle=\"collapse\" data-target=\"#pointmrtrt\"><span class=\"number\">2<\/span> Points and Mortgage Rates<\/button><\/div>\n<div id=\"pointmrtrt\" class=\"collapse\" data-parent=\"#accordionGuides\">\n<div class=\"card-body\">\n<ul id=\"pills-tab1\" class=\"nav flex-column nav-pills\">\n<li class=\"nav-item\"><a id=\"fivecol\" class=\"nav-link\" href=\"#pointornot\" data-toggle=\"pill\">Should You Pay Points or Not?<\/a><\/li>\n<li class=\"nav-item\"><a id=\"sixcol\" class=\"nav-link\" href=\"#howmortrate\" data-toggle=\"pill\">How to Compare Mortgage Rates<\/a><\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"col-md-8\">\n<div class=\"tab-section\">\n<div id=\"pills-tabContent\" class=\"tab-content\">\n<div id=\"wheredocome\" class=\"tab-pane fade show active\">\n<div class=\"content\">\n<div class=\"title\">\n<h3>Where Do Mortgage Rates Come From?<\/h3>\n<\/div>\n<div class=\"abcfhaloans-content\">\n<p class=\"text\">One word answer \u2013 Mortgage Backed Securities (MBS). Okay, that&#8217;s three. MBS is a kind of a bond that trades on Wall Street every trading day. If there is more demand for MBS, the price of MBS goes up and mortgage rates go down. If there is less demand, then the inverse happens and the rates go up<\/p>\n<p class=\"text\">The price of MBS gets impacted by several factors, but most importantly, macroeconomic news. Better economic news usually means good news for the stock market and bad news for bonds. For example, when unemployment news is reported better than expected (meaning more jobs are created), MBS prices go down. Bottomline \u2013 better economic news is bad for mortgage rates<\/p>\n<p class=\"text\">It&#8217;s a common misconception that the Fed sets the mortgage rates. While Fed&#8217;s policies may have an overall impact on rates, it doesn&#8217;t control the day-to-day changes to mortgage rates. So even though the Fed sometimes doesn&#8217;t change the rates for several months or even years, mortgage rates can change on a daily basis.<\/p>\n<p class=\"text\">Make sure you work with a lender that tracks MBS on an hourly basis so that he\/she can guide you on when is the right time to lock the rate. At Arcus Lending, we do exactly that. The right advice on when to lock rates can save thousands of dollars over the term of your loan!<\/p>\n<\/div>\n<\/div>\n<\/div>\n<div id=\"loanlevel\" class=\"tab-pane fade\">\n<div class=\"content\">\n<div class=\"title\">\n<h3>Understanding Loan Level Price Adjustment<\/h3>\n<\/div>\n<div class=\"abcfhaloans-content\">\n<p class=\"text\">Mortgage rates and fees are determined on a theory called \u201cRisk-Based Pricing.\u201d As a borrower, if you are perceived to be a bigger risk, be ready to pay a higher rate and\/or higher fees.<\/p>\n<p class=\"text\">Loan Level Price Adjustment (LLPA) is an adjustment to the rate\/fees charged to you based on your credit qualifications. This applies to conventional loans backed up by Fannie Mae\/Freddie Mac. LLPAs are assessed based upon certain eligibility or other loan features, such as credit score, loan purpose, occupancy, number of units, product type, etc.<\/p>\n<p class=\"text\"><strong>Credit Score<\/strong>\u2013For conventional mortgages, 740+ is considered an excellent score. Any score under 740 can result in higher costs or fees. Assume your credit score is 719. If you are getting a loan amount of $400,000 with 20% down, you will pay a fee of $3000 extra compared to someone with a 740 score (see chart below).<\/p>\n<p class=\"text\"><strong>Loan to Value Ratio (LTV)<\/strong>\u2013Higher LTVs mean higher rates. So if you are getting a loan with as much as 40% down payment, you should get better rates than someone who only has 10% down. Again, assuming a 719 score, that would mean a difference in cost of 1.25% or $5,000 for a $400,000 loan amount. (see chart below)<\/p>\n<div class=\"table-responsive m2rem\">\n<table class=\"table table-bordered text-center\">\n<tbody>\n<tr class=\"tablerow-color\">\n<td rowspan=\"2\">PRODUCT FEATURE<\/td>\n<td colspan=\"7\">LLPAs by LTV Range<\/td>\n<\/tr>\n<tr class=\"tablerow-color\">\n<td>\u226460.00%<\/td>\n<td>60.01 \u2013 70.00%<\/td>\n<td>70.01 \u2013 75.00%<\/td>\n<td>75.01 \u2013 80.00%<\/td>\n<td>80.01 \u2013 85.00%<\/td>\n<td>85.01 \u2013 90.00%<\/td>\n<td>90.01 \u2013 95.00%<\/td>\n<\/tr>\n<tr class=\"tablerow-color\">\n<td>Representative credit score<\/td>\n<td colspan=\"7\">Applicable for all mortgages with terms greater than 15 years<\/td>\n<\/tr>\n<tr>\n<td class=\"tablerow-color\">\u2265 740<\/td>\n<td>-0.250%<\/td>\n<td>0.000%<\/td>\n<td>0.000%<\/td>\n<td>0.250%<\/td>\n<td>0.250%<\/td>\n<td>0.250%<\/td>\n<td>0.250%<\/td>\n<\/tr>\n<tr>\n<td class=\"tablerow-color\">720 \u2013 739<\/td>\n<td>-0.250%<\/td>\n<td>0.000%<\/td>\n<td>0.250%<\/td>\n<td>0.500%<\/td>\n<td>0.500%<\/td>\n<td>0.500%<\/td>\n<td>0.500%<\/td>\n<\/tr>\n<tr>\n<td class=\"tablerow-color\">700 \u2013 719<\/td>\n<td>-0.250%<\/td>\n<td>0.500%<\/td>\n<td>0.750%<\/td>\n<td>1.000%<\/td>\n<td>1.000%<\/td>\n<td>1.000%<\/td>\n<td>1.000%<\/td>\n<\/tr>\n<tr>\n<td class=\"tablerow-color\">680 \u2013 699<\/td>\n<td>0.000%<\/td>\n<td>0.500%<\/td>\n<td>1.250%<\/td>\n<td>1.750%<\/td>\n<td>1.500%<\/td>\n<td>1.250%<\/td>\n<td>1.250%<\/td>\n<\/tr>\n<tr>\n<td class=\"tablerow-color\">660 \u2013 679<\/td>\n<td>0.000%<\/td>\n<td>1.000%<\/td>\n<td>2.000%<\/td>\n<td>2.500%<\/td>\n<td>2.750%<\/td>\n<td>2.250%<\/td>\n<td>2.250%<\/td>\n<\/tr>\n<tr>\n<td class=\"tablerow-color\">640 \u2013 659<\/td>\n<td>0.500%<\/td>\n<td>1.250%<\/td>\n<td>2.500%<\/td>\n<td>3.000%<\/td>\n<td>3.250%<\/td>\n<td>2.750%<\/td>\n<td>2.750%<\/td>\n<\/tr>\n<tr>\n<td class=\"tablerow-color\">620 \u2013 639<\/td>\n<td>0.500%<\/td>\n<td>1.500%<\/td>\n<td>3.000%<\/td>\n<td>3.000%<\/td>\n<td>3.250%<\/td>\n<td>3.250%<\/td>\n<td>3.250%<\/td>\n<\/tr>\n<tr>\n<td class=\"tablerow-color\">&lt; 620<\/td>\n<td>0.500%<\/td>\n<td>1.500%<\/td>\n<td>3.000%<\/td>\n<td>3.000%<\/td>\n<td>3.250%<\/td>\n<td>3.250%<\/td>\n<td>3.250%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p class=\"text\"><strong> Loan Program \u2013<\/strong> Fixed-rate mortgages would typically have higher rates than an Adjustable Rate Mortgage (ARM).<\/p>\n<p class=\"text\"><strong>Occupancy Type \u2013<\/strong> A primary residence or second home would get you a better rate than an investment property.<\/p>\n<p class=\"text\"><strong>Property Type \u2013<\/strong> A condominium with less than 25% down payment will have a higher rate than a single-family residence.<\/p>\n<p class=\"text\"><strong>Loan Amount \u2013<\/strong> The conforming loan limit is $417,000. But in some high-cost areas like San Jose, CA, the loan limit is $625,000. But the rates are higher on loan amounts over $417,000.<\/p>\n<div class=\"table-responsive m2rem\">\n<table class=\"table table-bordered text-center\">\n<tbody>\n<tr class=\"tablerow-color\">\n<td rowspan=\"2\">PRODUCT FEATURE<\/td>\n<td colspan=\"7\">LTV Range<\/td>\n<\/tr>\n<tr class=\"tablerow-color\">\n<td>\u226460.00%<\/td>\n<td>60.01 \u2013 70.00%<\/td>\n<td>70.01 \u2013 75.00%<\/td>\n<td>75.01 \u2013 80.00%<\/td>\n<td>80.01 \u2013 85.00%<\/td>\n<td>85.01 \u2013 90.00%<\/td>\n<td>90.01 \u2013 95.00%<\/td>\n<\/tr>\n<tr>\n<td class=\"tablerow-color\">High-balance mortgage loans<\/td>\n<td colspan=\"7\"><\/td>\n<\/tr>\n<tr>\n<td class=\"tablerow-color\">ARM (pricing based on higher of LTV\/CLTV)<\/td>\n<td>0.750%<\/td>\n<td>0.750%<\/td>\n<td>0.750%<\/td>\n<td>N\/A<\/td>\n<td>N\/A<\/td>\n<td>N\/A<\/td>\n<td>N\/A<\/td>\n<\/tr>\n<tr>\n<td class=\"tablerow-color\">Cash-out refinance<\/td>\n<td>1.000%<\/td>\n<td>N\/A<\/td>\n<td>N\/A<\/td>\n<td>N\/A<\/td>\n<td>N\/A<\/td>\n<td>N\/A<\/td>\n<td>N\/A<\/td>\n<\/tr>\n<tr>\n<td class=\"tablerow-color\">Multiple-Unit Properties<\/td>\n<td colspan=\"7\"><\/td>\n<\/tr>\n<tr>\n<td class=\"tablerow-color\">2-unit property<\/td>\n<td>1.000%<\/td>\n<td>1.000%<\/td>\n<td>1.000%<\/td>\n<td>1.000%<\/td>\n<td>N\/A<\/td>\n<td>N\/A<\/td>\n<td>N\/A<\/td>\n<\/tr>\n<tr>\n<td class=\"tablerow-color\">2-unit property<\/td>\n<td>1.000%<\/td>\n<td>1.000%<\/td>\n<td>1.000%<\/td>\n<td>N\/A<\/td>\n<td>N\/A<\/td>\n<td>N\/A<\/td>\n<td>N\/A<\/td>\n<\/tr>\n<tr>\n<th class=\"tablerow-color\">HighCondominiums (excluding cooperatives; excluding detached condominium loans delivered with SFC 588)6<\/th>\n<td colspan=\"7\">Applicable for all mortgages with terms greater than 15 years<\/td>\n<\/tr>\n<tr>\n<td class=\"tablerow-color\">620 \u2013 639<\/td>\n<td>0.000%<\/td>\n<td>0.000%<\/td>\n<td>0.000%<\/td>\n<td>0.750%<\/td>\n<td>0.750%<\/td>\n<td>0.750%<\/td>\n<td>0.750%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p class=\"text\"><strong>Subordinate Financing \u2013<\/strong> if you are getting a second mortgage along with the first, you may end up paying a higher rate on the first. (See chart below)<\/p>\n<div class=\"table-responsive m2rem\">\n<table class=\"table table-bordered text-center\">\n<tbody>\n<tr class=\"tablerow-color\">\n<td rowspan=\"2\">LTV Range<\/td>\n<td rowspan=\"2\">CLTV Range<\/td>\n<td colspan=\"2\">Non Interest-Only LLPA<\/td>\n<\/tr>\n<tr class=\"tablerow-color\">\n<td>Credit Score &lt; 720<\/td>\n<td>Credit Score \u2265 720<\/td>\n<\/tr>\n<tr>\n<td class=\"tablerow-color\">\u2266 65.00%<\/td>\n<td class=\"tablerow-color\">80.01% &#8211; 95.00%<\/td>\n<td>0.5000%<\/td>\n<td>0.250%<\/td>\n<\/tr>\n<tr>\n<td class=\"tablerow-color\">65.01% &#8211; 75.00%<\/td>\n<td class=\"tablerow-color\">80.01% &#8211; 95.00%<\/td>\n<td>0.750%<\/td>\n<td>0.500%<\/td>\n<\/tr>\n<tr>\n<td class=\"tablerow-color\">75.01% &#8211; 95.00%<\/td>\n<td class=\"tablerow-color\">90.01% &#8211; 95.00%<\/td>\n<td>1.000%<\/td>\n<td>0.750%<\/td>\n<\/tr>\n<tr>\n<td class=\"tablerow-color\">75.01% &#8211; 90.00%<\/td>\n<td class=\"tablerow-color\">76.01% &#8211; 95.00%<\/td>\n<td>1.000%<\/td>\n<td>0.750%<\/td>\n<\/tr>\n<tr>\n<td class=\"tablerow-color\">\u2266 95.00%<\/td>\n<td class=\"tablerow-color\">95.01% &#8211; 97%<\/td>\n<td colspan=\"2\">1.50%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p class=\"text\">Now you can see how sometimes even a small difference in qualifying criteria could result in significantly higher rates and fees. Usually, the advertised rates assume best-case scenarios \u2013 40% down payment, 740+ credit, etc. Most of the borrowers usually don&#8217;t qualify for those rates.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<div id=\"askshoprate\" class=\"tab-pane fade\">\n<div class=\"content\">\n<div class=\"title\">\n<h3>Questions to Ask a Lender While Shopping Mortgage Rates<\/h3>\n<\/div>\n<div class=\"abcfhaloans-content\">\n<div class=\"subtitle\">\n<h4>What&#8217;s the duration of the Lock period?<\/h4>\n<\/div>\n<p class=\"text\">Make sure that when you are quoted a rate, you are asking the broker what the lock duration is. Make sure that the lock period allows you enough time to complete your purchase transaction.<\/p>\n<p class=\"text\">Also, ask for a lock extension policy. What happens if the lock expires and the loan hasn&#8217;t closed? How much are the lock extension fees and who pays for it?<\/p>\n<div class=\"subtitle\">\n<h4>Do you know what impacts mortgage rates?<\/h4>\n<\/div>\n<p class=\"text\">It&#8217;s important that you work with a Loan Officer who knows <strong><a href=\"https:\/\/xlnc.info\/instamortgage\/the-reason-you-are-getting-higher-mortgage-rate-than-your-friend\/\">what impact mortgage rates<\/a><\/strong> and how they can change on a daily basis. Since you have read this guide, you are already aware of this.<\/p>\n<p class=\"text\">You can compare the notes from this guide with the Loan Officer&#8217;s answer to check if he really knows the answer<\/p>\n<div class=\"subtitle\">\n<h4>How would you advise me when the right time to lock is?<\/h4>\n<\/div>\n<p class=\"text\">Check with the Loan Officer if he\/she tracks the MBS live. Even a small change of 12 basis points can impact the rate you qualify for. If the Loan Officer doesn&#8217;t track MBS live, he\/she may not be able to advise you at the right time to lock the rate.<\/p>\n<div class=\"subtitle\">\n<h4>Which of the estimated fees can increase at closing?<\/h4>\n<\/div>\n<p class=\"text\">The loan officer will provide you with a Good Faith Estimate (GFE) with details of your closing costs. But it&#8217;s just an estimate and can change at closing. So, ask the loan officer to explain every single item on the GFE and ask which ones can increase at closing. Understand why they would increase and by how much they can increase.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<div id=\"pointornot\" class=\"tab-pane fade\">\n<div class=\"content\">\n<div class=\"title\">\n<h3>Should You Pay Points or Not?<\/h3>\n<\/div>\n<div class=\"abcfhaloans-content\">\n<p class=\"text\">Points are up-front fees paid to obtain a better interest rate on a loan. One point equals one percent of the loan amount. A lower interest rate may result in a lower monthly payment, but it is important to consider how long you intend to be in the loan, and to compare current rates to historical market trends.<\/p>\n<p class=\"text\">If you take out a $300,000 mortgage and decide to pay one point, this translates to an up-front closing cost of $3000. Paying a point upfront saves $100 a month, but it will take 30 months to recuperate the cost of that point. If you decide to refinance or sell the home before the 30-month mark, your money is lost. In this case, you would benefit financially by remaining in the home longer than the 30 months<\/p>\n<p class=\"text\">Rates run in cycles. When rates are at historical lows, it is sensible to pay points if you plan to live in the home for an extended period of time. It is unlikely that rates will go down; hence, there will be no need to refinance. When rates are up, there is a strong likelihood that they will come down. This is no time to pay points. The chances of refinancing in the future are extremely high, and you will likely not be in the loan long enough to recuperate the cost of the points.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<div id=\"howmortrate\" class=\"tab-pane fade\">\n<div class=\"content\">\n<div class=\"title\">\n<h3>How to Compare Mortgage Rates<\/h3>\n<\/div>\n<div class=\"abcfhaloans-content\">\n<p class=\"text\">When you shop different lenders, you get several interest rate and cost options. Sometimes it can be easy to compare them. See the example below:<\/p>\n<div class=\"list\">\n<ul>\n<li>Lender 1: Rate Quote \u2013 4.5%, Loan Fees \u2013 $1000<\/li>\n<li>Lender 1: Rate Quote \u2013 4.5%, Loan Fees \u2013 $2000<\/li>\n<li>Lender 1: Rate Quote \u2013 4.5%, Loan Fees \u2013 $3000<\/li>\n<\/ul>\n<\/div>\n<p class=\"text\">In this case, it&#8217;s easy to figure out that Lender 1 is an obvious choice<\/p>\n<p class=\"text\">At other times, it can be very confusing to find out which one is the best option. Let&#8217;s take a look at an example below:<\/p>\n<div class=\"list\">\n<ul>\n<li>Lender 1: Rate Quote \u2013 4.5%, Loan Fees \u2013 $3000<\/li>\n<li>Lender 1: Rate Quote \u2013 4.625%, Loan Fees \u2013 $1000<\/li>\n<li>Lender 1: Rate Quote \u2013 4.375%, Loan Fees \u2013 $4000<\/li>\n<\/ul>\n<\/div>\n<p class=\"text\"><strong> Annual Percentage Rate (APR)<\/strong> was introduced to make rate comparisons easy. But, different lenders calculate APR differently. Here&#8217;s an easy way to rate shop, so that it&#8217;s really easy for you to <strong><a href=\"https:\/\/xlnc.info\/instamortgage\/how-to-de-mystify-mortgage-rate-and-become-a-better-rate-shopper\/\">compare different rate quotes<\/a><\/strong>:<\/p>\n<p class=\"text\"><strong>Tip 1 \u2013 Do not just compare rates, compare fees as well.<\/strong> A lot of borrowers make a simple mistake \u2013 they call different lenders and compare the rates offered. They forget to ask for their fees. A lender with a lower rate could still turn out to be more expensive if their fees are significantly higher than someone with only a slightly higher rate.<\/p>\n<p class=\"text\"><strong>Tip 2 \u2013 Ask all the lenders to quote you with the same closing cost. <\/strong>For example, ask them to give you a rate with $2000 closing cost. If you are looking for a no-cost refinance, ask for all quotes with zero cost. That way, all you have to do is compare the rates.<\/p>\n<p class=\"text\"><strong>Tip 3 \u2013 How to Shop mortgage rates in a very short period<\/strong>, ideally within a couple of hours. Mortgage rates change frequently. You should be <strong><a href=\"https:\/\/www.investopedia.com\/mortgage\/mortgage-rates\/how-to-shop\/\">shopping<\/a><\/strong> with different lenders when the MBS is trading at the same level. Else, you won&#8217;t be comparing apples to apples. If you shopped with Lender A on Monday and Lender B on Tuesday, the market may be very different.<\/p>\n<p class=\"text\"><strong>Tip 4 \u2013 Don&#8217;t always go with the lender with the lowest rates.<\/strong> This may shock you, but it&#8217;s true. This is also my best advice.<\/p>\n<p><strong class=\"italic\"> Bait and Switch technique<\/strong> \u2013 sometimes when it&#8217;s too good to be true, it&#8217;s exactly that. Some lenders will rope you in with non-existent rates and then change the terms of the deal as you move forward with the loan process.<\/p>\n<p class=\"text\"><strong class=\"italic\">Bad reputation of lowest-priced lenders<\/strong> \u2013 sometimes when it&#8217;s too good to be true, it&#8217;s exactly that. Some lenders will rope you in with non-existent rates and then change the terms of the deal as you move forward with the loan process.<\/p>\n<p class=\"text\"><strong class=\"italic\">Accessibility<\/strong> \u2013 you need to work with a lender that works beyond 9 am \u2013 5 pm Mon-Fri. It&#8217;s going to be one of the most important financial transactions of your life and you want to make sure you are working with someone who is accessible after hours. If you are a first-time homebuyer, this is especially important. I have answered so many questions with my first-time homebuyer clients at 8 pm weeknights or 10 am on weekend mornings.<\/p>\n<p class=\"text\"><strong class=\"italic\">Check on the lender&#8217;s expertise and credibility<\/strong> \u2013 consider the expertise and credibility of the mortgage lender. Google them to see if they have been covered favorably in the media. Check their Yelp and Google ratings and read client reviews. A well-versed consultant will ask you many questions about your short- and long-term goals and assist you in choosing a loan program that is truly suited to those goals.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<h2 class=\"cprp_section_title\">You May Also Like:<\/h2><div class=\"cprp_items list \"><ul><li><div class=\"cprp_data\"><div class=\"cprp_title\"><a href=\"https:\/\/xlnc.info\/instamortgage\/mortgage-closing-costs-2\/\" title=\"Mortgage Closing Costs\">Mortgage Closing Costs<\/a><\/div><div class=\"cprp_percentage\">61<\/div><div class=\"cprp_excerpt\"><a href=\"https:\/\/xlnc.info\/instamortgage\/mortgage-closing-costs-2\/\" title=\"Mortgage Closing Costs\"><img src=\"https:\/\/xlnc.info\/instamortgage\/wp-content\/uploads\/2021\/08\/Contract-of-Home-Sale-21-150x150.jpg\" class=\"cprp_thumbnail\" title=\"Mortgage Closing Costs\" alt=\"Mortgage Closing Costs\" \/><\/a><span class=\"cprp_excerpt_content\">Besides, the basic mortgage underwriting, processing and origination fees that are charged by a lender, there are several other costs associated with purchasing a new property. Since every player on your real estate home buying team has a stake in the transaction, it\u2019s good to know how to budget for&hellip;<\/span><\/div><div class=\"cprp_tags\">Tags: mortgage, rate, $, loan, fees, lender<\/div><\/div><\/li><li><div class=\"cprp_data\"><div class=\"cprp_title\"><a href=\"https:\/\/xlnc.info\/instamortgage\/four-possible-reasons-to-refinance\/\" title=\"Four Possible Reasons to Refinance\">Four Possible Reasons to Refinance<\/a><\/div><div class=\"cprp_percentage\">60<\/div><div class=\"cprp_excerpt\"><a href=\"https:\/\/xlnc.info\/instamortgage\/four-possible-reasons-to-refinance\/\" title=\"Four Possible Reasons to Refinance\"><img src=\"https:\/\/xlnc.info\/instamortgage\/wp-content\/uploads\/2021\/08\/jpeg-house-150x150.jpg\" class=\"cprp_thumbnail\" title=\"Four Possible Reasons to Refinance\" alt=\"Four Possible Reasons to Refinance\" \/><\/a><span class=\"cprp_excerpt_content\">Since there are many reasons a homeowner may choose to refinance, we'll take a look at the four most common. 1. Mortgage Rates Drop: Typically, the most common reason that homeowners refinance their mortgage is to secure a lower interest rate. Interest rate and loan amount determines the total cost&hellip;<\/span><\/div><div class=\"cprp_tags\">Tags: mortgage, rate, loan<\/div><\/div><\/li><li><div class=\"cprp_data\"><div class=\"cprp_title\"><a href=\"https:\/\/xlnc.info\/instamortgage\/should-i-refinance-or-get-a-heloc-for-home-improvements\/\" title=\"Should I Refinance or Get a HELOC for Home Improvements\">Should I Refinance or Get a HELOC for Home Improvements<\/a><\/div><div class=\"cprp_percentage\">59<\/div><div class=\"cprp_excerpt\"><a href=\"https:\/\/xlnc.info\/instamortgage\/should-i-refinance-or-get-a-heloc-for-home-improvements\/\" title=\"Should I Refinance or Get a HELOC for Home Improvements\"><img src=\"https:\/\/xlnc.info\/instamortgage\/wp-content\/uploads\/2021\/08\/Home-Improvement-Contractor-150x150.jpg\" class=\"cprp_thumbnail\" title=\"Should I Refinance or Get a HELOC for Home Improvements\" alt=\"Should I Refinance or Get a HELOC for Home Improvements\" \/><\/a><span class=\"cprp_excerpt_content\">For homeowners interested in making some property improvements without tapping into their savings or investment accounts, the two main options are to either take out a Home Equity Line of Credit (HELOC), or do a cash-out refinance. What are the differences between the two? A home equity line of credit&hellip;<\/span><\/div><div class=\"cprp_tags\">Tags: rate, loan, mortgage, rates<\/div><\/div><\/li><\/ul><\/div><div style=\"clear:both;\"><\/div>","protected":false},"excerpt":{"rendered":"<p>Mortgage Rates How to Shop Mortgage Rates Like a Pro This easy-to-follow guide covers everything you need to know about shopping for mortgage rates, and how to do it like the pros. Start from the beginning or jump in wherever you are to continue! 1 Basics of Mortgage Rates Where Do Mortgage Rates Come From? 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