REALTOR® Magazine-Daily News-5 Tips for Buyers in Negotiating a Mortgage Deal

REALTOR® Magazine-Daily News-5 Tips for Buyers in Negotiating a Mortgage Deal

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Great ideas for buyers to keep in mind when looking for a mortgage. As I also should add, ask friends, family, colleagues for mortgage professionals they've worked with recently and been happy with. Make sure to check them out & their refrences as well. Check the Better Business Bureau, Massachusets Division of Banks, Massachusetts Office of Professional Licencure, Attorney Generals Office, Google them etc. ask for other client refrences as well. A quality mortgage professional will have these and gladly furnish them.

Getting a mortgage loan these days can be a slow and frustrating experience.Here are some things that buyers should know as they go through the application process:

Ask for the “Good Faith Estimate” early. It won’t be released until it is officially “complete” and all the questions are answered. Push applicants to find answers right away to all the lender’s questions.

Suggest they read and ask questions about the fine print. Identifying and negotiating all the fees and charges can cut an applicant’s costs.

Shop title insurance. Point buyers toward Web sites like Closing.com, where they can comparison shop.

Get a commitment. Insist that the lender or loan broker agree that there won’t be any other charges on the HUD-1, which most borrowers don’t see until they are at the settlement table. "If [the lender] won't agree to that, you have to be a little suspicious," says Claire Fennessey, senior vice president of Entitle Direct.

Question flood insurance. If a property requires flood insurance, point buyers (and sellers) toward a civil engineering firm with experience with the Federal Emergency Management Agency’s resources to ensure that they aren’t paying too much. Eligibility for a preferred risk policy can cut costs substantially.

Source: Chicago Tribune, Mary Ellen Podmolik (07/05/2009)
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