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I have been associated with John L Scott
for several years and have received special recognition awards every
year for my sales performance. I successfully negotiate transactions
because I incorporate policies as “standards of business practice”
that other agents simply don’t do. I am an Associate Broker, the
highest designation that a Licensed Real Estate Agent in Washington
can achieve. I am also an Accredited Buyers Representative, a
designation that only 4% of the National Association of Realtors
membership obtains. I am accredited with the Washington State
Housing Finance Commission and regularly teach seminars to first
time home buyers and special needs clients. So, whatever your
situation is, I can help!:
Find a Home in Western Washington
Includes "Virtual Tours"
Looking for a home or property beyond
the Puget Sound area? Start your nationwide search here:
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Find a Home in the United States |
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by Craig Goebbel
President & CEO, LoanTek, Inc.
Today I want to address the task of shopping for a home loan. This process need not be daunting nor time consuming. More important, with careful shopping your biggest fear about mortgage shopping - getting shafted - can be easily avoided.
Rule Number One: Get a referral from a trusted Realtor, financial advisor or friend.
Their good lender experience along with their referral are the best predictors of a good outcome.
Rule Number Two: Shop at least three lenders.
By shopping you will accomplish several important steps. The most important is determining what type of loan you need and/or want. With today’s rates, usually the choice is easy - a 30 or 15 year fixed rate loan. Second, you need to develop confidence that you know what all of the fees associated with your transaction mean and why they are necessary. Initially, loan shopping (whether online or by the phone) can be very confusing but you should quickly learn what you need to know and ask. Even with a referral you need to get a written estimate so you can compare quotes. This is the only guaranteed way to get a good rate at a fair price.
Rule Number Three: Follow the “Rule of Same.”
Ask each lender for a written quote that discloses every fee, point, charge, cost and credit associated with your transaction, based on the same loan type, the same loan amount, the same interest rate, the same rate lock guarantee (ask for 30 days) on the same day.
Rule Number Four: Do the math.
Your last step is to sit down with each quote, eliminate the costs of interim (or per diem) interest, property taxes, homeowners insurance and mortgage insurance. The lender with the lowest cost after these adjustments is the least expensive. If the differences are too close to care about, then stick with the referred lender. If the differences are significant to you, then give the referred lender a last chance to earn your business. If a non-referred lender is the winner, then ask them for references from recent transactions. © 2004 LoanTek
Craig Goebbel is President and CEO of
LoanTek.com, mortgage loan brokerage. He is also producer and host of Real Estate
Radio Show, a Seattle-based talk show featuring mortgage and real estate news, interviews
and listener calls. It is broadcast on KKNW Radio AM 1150 in Seattle, Washington. Past show
are also webcast via the Internet at http://www.realestateradio.net.
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5.5% Interest
Rate
