Atlantic International Partnership Funding Group: Mortgage Purchasing and Refinancing Tips

All mortgages or mortgage lenders are not created equal. There are so many factors to consider when looking for a mortgage like rate, closing costs, points, fees and what type of program best fits your need.

AIFG has established a unique and innovative concept in the mortgage industry (Partnership Servicing) that is ideally suited to a challenging economy and real estate market. If you don’t know about our concept, then here’s an opportunity to learn more.

Shopping for rates may seem like the best approach when obtaining a mortgage but as with most important buying decisions, it may not always be the only way to shop. You certainly want to benefit from a low rate to keep your monthly payments as affordable as possible. But considering value is also a key component. Let’s look at closing costs and fees. Many lenders will quote an incredible low rate but will add in fees and closing costs that could impact your cash at the time of closing. In some cases, it could take you years to recoup what you’ve laid out in cash because a low rate seemed more enticing at the time.

Accurate information is another aspect to review.

When you call a mortgage lender today for a rate, do you discuss how long that rate would be effective? Or are there any points? What about rate lock options? Rate locks can offer you a guarantee that if the rate becomes lower during a predetermined time frame, you can lock in to the new rate without penalties. Here’s a list of questions to consider.

Getting the best value.

There are many things to consider when shopping for a mortgage and ethics should be one of them. Trust your instincts when you choose a lender. Are you comfortable asking him/her questions? Are they being answered to your satisfaction? Considering the myriad of choices, you want to make sure that your lender is someone who is knowledgeable and trustworthy. Get a referral from a friend, meet with a few. You’ll be able to make a distinction in the first meeting about how pleased you will be with the loan process and getting the best value will come naturally.

MORTGAGE TIPS — BEFORE BORROWING

•             Eliminate Debt: Get rid of or reduce as much existing debt as possible. This will make you a better borrowing candidate and improve your credit score.

•             Get a credit report: Request your credit report from one of the credit agencies and review it carefully. Clear up any discrepancies before applying for a new loan.

•             Put off major purchases: Delay any other major purchases to be made with debt for the time being.

•             Shop around. Beware of unseemly tactics: Use caution when you see interest rates that are too good to be true. Also, you may find very attractive ads on the Internet from mortgage or Internet companies but keep in mind: Many of these “fly-by-night” operators practice “bait and switch” tactics and you may have trouble getting personal attention, requiring you to do much more work. If you’re not inclined to take on this risk, consider doing business with your local bank instead.