How can you compare different mortgage companies?

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There are two main areas of comparison that are important when choosing a mortgage company. The first is the simplest. When you talk with a mortgage company representative, do you feel that he or she is really listening to what you have to say? Are you comfortable asking questions? Does your lender answer all your questions clearly? Is the lender professional and courteous to you? If you can answer “yes” to those questions, put this lender on your short list for consideration.

The second area of comparison is the cost associated with your loan. Getting a Good Faith Estimate from several lenders will help you compare important costs such as interest rate, terms, closing costs, and so on. Examining loan estimates carefully will help you narrow down your lender choice to the right lender for you.

To help you to make these comparisons, your prospective lender should provide you with a Good Faith Estimate, which is a detailed list of estimated costs, including:

• Settlement or closing costs including loan origination fees, which lenders charge for processing your loan paperwork and underwriting fees, which cover the cost of evaluating your loan application.
• Appraisal fees and home inspection fees, if applicable.
• Title insurance, which protects the lender if a title issue is discovered after the loan is made.
• Property taxes.
• Attorney fees for title search, deed preparation, and court filing fees.
• Interest rates.
• Partial month interest.
• Credit check costs.
• Hazard and property insurance rates.

Getting a Good Faith Estimate from several lenders will help you more accurately compare the actual costs of mortgage loans.

Source: supermoney

Financial Capital Group, LLC is a lender that provides home and commercial finance solutions for business, professionals, individuals and families since 1999. Our love and care for others is directed as much within our walls as it is outside of them. Our desire is to work together to meet the needs of our customers.

Houston Mortgage Company

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