Choosing a mortgage company is an important financial decision. Before selecting your lender, compare several Connecticut mortgage companies using the same mortgage terms, including the loan amount, term, and type. Determine all of the costs involved, including the monthly payment and the interest rate.
Shop Around, Compare, Negotiate
As a time-saver, many people ask a mortgage broker to find the best lender for them. Brokers, however, are not required to negotiate the best possible deal for you. Many brokers charge an upfront fee, and some work for commission from lenders; therefore, they may not have your best interest in mind. If you choose this route, be sure to choose a CT mortgage broker who is closely regulated and has excellent credentials.
To cut out the middle-man and research CT mortgage companies yourself, remember to shop around, compare, and negotiate. Become a sponge of information. This will help you to find the best deal.
Explaining Mortgage Rates
When it comes to Connecticut mortgage rates, make sure each lender explains the rate you will receive. Is the rate fixed or adjustable? If it is an adjustable rate loan, how will your loan payment vary? What is the loan's APR (Annual Percentage Rate)? What fees are involved? What do the fees include? Don't be afraid to ask questions. Being a diligent and prudent decision-maker could save you thousands of dollars. While the mortgage rate is important, there are other terms you should consider.
The X's & O's of Closing Costs
Make sure to get a clear understanding of closing costs. Do not agree to a closing cost estimate without a maximum fee guarantee. It is 100% legal for lenders to add or change fees, so find a Connecticut mortgage company that guarantees their fees and offer no hidden costs.
Refinancing
If you wish to refinance your mortgage, you do not have to go with the original lender. Focus on finding a Connecticut mortgage company that offers a lower rate and better terms. The downside of refinancing your mortgage is that you may have to repay closing costs. Finding a company who offers a lower interest rate, however, could end up saving you a bundle. Again, be aware of fees!
Ask for Referrals
When narrowing down your list of Connecticut mortgage companies, be sure to ask for customer references. You can also check their status with the Better Business Bureau and other government sources. Often, referrals from family and friends are the best way to find a reputable CT mortgage company. If someone you know has had a positive first-hand experience with a company, you likely will, too.
Be Patient
It's fine to research various mortgage lenders online, but do not make a final commitment over the web. And don't settle on the first lender you come into contact with. It's in your best interest to be patient and build a trusting relationship with your lender. Choose a Connecticut mortgage company who will work hard to take care of your needs.
