What is mortgage in Real Estate Transaction? How it is important In getting your dream home? What are the factors and drivers should you consider on getting a mortgage for your dream home? Let us dissect these questions in the latter part of this blog.
A Mortgage is a legal agreement that conveys the conditional right of ownership on an asset or property by its owner (the mortgagor) to a lender (the mortgagee) as security for a loan. The lender’s security interest is recorded in the register of title documents to make it public information, and is voided when the loan is repaid in full , according to Business Dictionary. Here is United State, getting a mortgage is one of the most common ways for US citizens be able to have their Dream home for their family.
That’s why I came up with 5 Best Practices on Getting the Best Deal on a Mortgage, the following are:
- All Lenders Will Present You The Best Of All The Best
When we say Best of All the Best, this means presenting an offer that shows lowest rates, fees and loan closing costs. Every Lender will pursue you up to the best of their skills to win you and get their mortgage deal. So if you are the borrower, you should be very careful with interest and rates in the long term. I would suggest that you should conduct a canvassing of various lenders (potential) and make a numeric table that includes all the costs and fees of each and every lender that offered you their services.
- Set An Appointment , Never Closed A Mortgage Deal Without Personal Appearance
Getting a mortgage for your dream home is the first process or thing that you should think about carefully. When you already have a list of potential lenders that you should think that are reliable. Then you should meet them personally .As much as possible, set an appointment to every lenders that you have on your list.
First and main reason to that is for you to know whether the lender is reliable or not. You should be very observer because in the long term , it will cause you a bad result if your lender is not a reliable one, such as Default ,Foreclosure And Underwater.
- Manage to Negotiate With Your Chosen Lender.
If you have chosen your lender, do not hesitate to ask for a better rates and costs. You should express your ideas and do not be shy when negotiating with your Lender. Most of them are used to that kind of negotiation, it’s their business nature.
You can learn several things during your negotiation with your Lender. You should absorb everything and choose what to execute to your next loan or mortgage negotiation.
- Choose Lender that will help you getting a loan that fits on your financial status.
A good and reliable Lender or mortgage professional will help you know more about getting the best deal for a loan or mortgage. They will give to you some tips, pros and cons on getting a loan or mortgage. They will teach you how to handle mortgage without compromising your financial status.
For those who will get their very first mortgage application, Just follow these best practices and surely you will be able to get the BEST Mortgage Deal Ever.