And as a Mortgage Planner we look at more than just a home mortgage - we are looking at your whole financial picture.  You might want to think about doing business with an experienced professional who is well versed in the type of loan you that fits your situation. The Mortgage Broker should take your whole financial situation into account when planning a mortgage for you. There is much more to look at rather than your rates and fees. With the right plan, you might have slightly higher fees but overall you will save thousands of dollars due to other factors. For instance a client came to me the other day and wanted to buy some land to eventually build on.  He wanted rate quotes on land only.  After looking at his whole financial picture we found out he could have paid cash for the property but he also had $300,000 in equity in is residence.  We went to work for this client looking at all angles and presented 3 different options for him.  The one that made the most sense was to refinance his personal residence and use that cash to fund the land transaction until he was ready to build.  You may be asking yourself why was this the best choice?  It's because he wasn't thinking of the huge benefit of tax deductions on his personal residence.  On your personal residence you can write of the interest payments and taxes at the end of the year.  This is now saving him thousands of dollars more than if he were to pull his money from his investment portfolio and pay cash for the land.

If you would like to look at a mortgage plan for you situation on an easy to read side-by-side comparison spreadsheet contact me on the form below.

Some of the things that you will need for an accurate quote are; what your credit history looks like, if you have any bankruptcies or foreclosures, what your gross income per year/month is, if you are obligated to pay child support, if you are w-2, 1099 or a self employed borrower, the amount of your total debt payments per month, your homes value & how much you currently owe, any investments you may have currently and how are you planning to fund college if neccessary along with what you will need for retirement.  After answering some of these questions we will be able to give you a more accurate rate quote. Be sure to provide accurate responses and information when requesting a rate quote.

If you get multiple quotes try and get the all on the same day, interest rates can vary from one day to the next. Make sure your quotes are in writing. It should cost you nothing to get a free loan quote.

After you make application your mortgage broker has 3 days to send you a Good Faith Estimate and Truth In Lending.  Your GFE will outline your fees and the TIL will give you the true cost of the loan represented in your APR (Anual Percentage Rate).  Keep in mind though your payments are not calculated at the APR - they are based solely on the interest rate of the loan

Interest rates are dependent on the level of inherent risks the lender banks are taking in granting mortgage loans. The more income and asset documents one can supply, the lower the interest rate will be. For this reason, when getting rate quotes from multiple mortgage brokers and banks, be sure to furnish the same and true information. Telling one broker that the application will be full-documentation and another that it will be a no-documentation loan will result in significantly different interest rate quotes.