Mortgage Quote Analysis
Sadly most clients receive little if any value by obtaining a mortgage quote over the phone or on the internet. Home loans vary greatly client-to-client, meaning that unless you are working with a trusted expert your mortgage quote is barely worth the paper it’s printed on. For example mortgage brokers can quote rates and terms all day long, they can provide fee estimates or the phone or over email, but nothing is set in stone.
Until the interest rate is locked there is no deal, no promises. Until an accurate mortgage quote containing a Good Faith Estimate (GFE) has been provided the fees are only estimates.
Many lenders use a bait-and-switch tactic with involves telling the client to refrain from locking the interest rate until the loan process is almost complete. The reason other lenders do this is because the rates they are quoting don’t really existing. They want you so wrapped up into the deal you can’t back out. As the loan nears funding they surprise you with a higher interest rate than you were quoted. This is a shameful and illegal practice that is still very common in Seattle area today.
On the other hand working with Northwest Mortgage Experts is a rewarding and transparent experience. Our fees are disclosed upfront at time of application and honored when the loan funds. We lock our clients’ loans at application to give our clients the piece of the mind that comes with knowing their interest rate is locked. This is just one of the many ways we distinguish ourselves from other lenders in the Seattle area. We encourage you to work with a local expert like NWME who will provide an accurate mortgage quote after asking all the right questions and understanding your unique situation fully. If live in Washington State and need advice from a local mortgage expert, give us a call today at 206 303 8526 or send an email to nick@mwmortgageexperts.com
How to Guarantee The Best Mortgage Quote
No matter what area you are looking to buy in, from downtown Seattle to the most remote log cabin outside of Winthrope, the need for a home loan is nearly universal. And the number of lenders standing ready to make you an offer is enormous. So how can you ensure you get the best mortgage quote possible? Well a mortgage quote is made depending on a large number of factors, the most important of which are your credit score, income, and current assets. There may not be much you can do about the amount of money you have in the bank or how big your paycheck is, but there are steps you can take immediately to begin improving your credit score, and you will be amazed at the impact that has on the mortgage quotes you receive from lenders.
You are always welcome to email us at nick@mvpmortgageteam.com or call us at 206-303-8526 and start learning about steps you can take to improve your credit score, and other techniques for making sure that you get the most competitive mortgage quotes available on the market today. There has never been a better chance to get a great deal on a home, and a great mortgage quote to put that home well within your reach, but it is important that you seize this opportunity now, because there is no way of knowing how long conditions like this are going to last.
A good mortgage quote from a reputable lender can get you on the fast track to refinance or purchasing your first home. On the other hand a inaccurate mortgage quote can lead to undisclosed expense and a deal that might not fund at all. Let us help you make sure that you have the former experience and not the latter. We encourage you to work with an experienced local loan officer like Nick Fitzer, who has years of providing accurate mortgage quotes and funding deals.
It was unsavory lending practices that landed too many people with mortgages that they simply could not afford which has trapped us all in the current economic crisis. In response to these results lenders have tightened their restrictions on who they lend to, but this is not necessarily bad news. If you qualify through the more rigorous examination period you will find you receive a mortgage quote you can handle, instead of the sorts of mortgage quotes that sounded good to so many people but turned out to be little more than a trap when rates jumped up after an initial low period. Make sure this does not happen to you, contact us at nick@nwmortgageexperts.com and make sure you get an accurate mortgage quote that can trust will be honored in full when the loan funds.
