The 13 Secrets Lenders don't Want You to Know

"The 13 Secrets Mortgage Companies Don't Want You to Know" by Andy Jacob

• Plus a Special Bonus!
  - 4 Secrets of getting the Best House for Your Money.
• Plus, an Additional Special Bonus
  - The Mortgage Game's 4 big rip-offs!

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Secret #1

The biggest secret Lenders, or more specifically, mortgage companies don't want you to know is that mortgage rates and fees are typically different with every lender. In other words, when it comes to mortgages, the rate and fees you pay can be different from one lender to the next, and all mortgage rates are somewhat negotiable. A mortgage - whether it's a home purchase, a refinancing, or a home equity loan - is a product, just like a car or a boat, so the price and terms are typically negotiable.

The Secret most mortgage companies don't want you to know is that they typically get paid a bigger commission the higher rate and fee they get you to pay. And the rates and fees at the same company can be different, depending on the level of sales sophistication of the loan officer on the phone. It is not atypical to speak to 2 different loan officers at the same company within minutes of each other, and each of them give you a different mortgage quote. It's crazy, but true. So, you'll want to compare all the costs involved in obtaining a mortgage. Shopping, comparing, and negotiating can save you thousands of dollars. And not only shop from company to company, but shop with a company with two different Loan officers. Save money on your mortgage by receiving a free, no obligation mortgage analysis from www.BlueFinancial.net.


Secret #2

Home loans are available from several types of lenders thrifts institutions, commercial banks, mortgage companies, and credit unions. Different lenders may quote you different prices, so you should contact several lenders to make sure you're getting the best price. You can also get a home loan through a mortgage broker. Brokers arrange transactions rather than lending money directly; in other words, they find a lender for you. A broker's access to several lenders can mean a wider selection of loan products and terms from which you can choose. Brokers will generally contact several lenders regarding your inquiry, but they are not obligated to find the best deal for you unless they have contracted with you to act as your agent. Consequently, you should consider contacting more than one broker, just as you should with banks or thrift institutions. Save money on your mortgage by receiving a free, no obligation mortgage analysis from www.BlueFinancial.net.

Whether you are dealing with a lender or a broker may not always be clear. Some financial institutions operate as both lenders and brokers. And most brokers' advertisements do not use the word "broker." Therefore, be sure to ask whether a broker is involved. The Secret most mortgage companies don't want you to know is that brokers are usually paid a fee for their services that may be separate from and in addition to the lender's origination or other fees. A broker's compensation may be in the form of "points" paid at closing or as an add-on to your interest rate both. You should ask each broker you work with how he or she will be compensated so that you can compare the different fees. Be prepared to negotiate with the brokers as well as the lenders. Save money on your mortgage by receiving a free, no obligation mortgage analysis from www.BlueFinancial.net

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