Most people need a mortgage to buy a home. It means they should look for a mortgage banker before searching for a house. You can approach the bank or a mortgage lender for getting the best mortgage. Finding the best deal on a mortgage can be a challenging task because the fees and rates keep changing daily. Here are few tips for getting the best mortgage deal, writes Semin Valani. – @Siliconeer #Siliconeer #mortgage #AEMLoan #SeminValani

Compare rates. Once you get the quote from all the lenders, compare them all. Have a careful look at the rate and the other fees which include origination fees and any other fees charged by the lender.

Negotiate. After knowing the current trends and rates, negotiate with the lender about the rates. This can definitely reduce your interest rate to some extent.

Ask the right questions. Interview the actual person who will be handling your loan. Check with them if they are licensed. Ask for references and look for their reviews online. Once you feel that the lender can be trusted and has a good reputation, it’s time to ask them some more questions:

  • How do they communicate with their clients
  • What is their turnaround times on preapproval, appraisal and closing
  • What will be their fees at the time of closing
  • Will any additional fees be waived off or added on to the mortgage
  • What are the down payment requirements

Plan for additional costs. There may be other additional costs incurred during the process of getting a home mortgage. These costs may include title insurance, real estate transfer taxes, property taxes and others. The lenders might also charge a closing cost. So plan ahead for such additional costs.

Raise your credit score. Check your credit score. Have a good credit score in order to get qualified for low-interest mortgage loans.

Decide how much you can pay. Discuss about your financial situation with the loan officer. Get all the basic details from them like what will be the initial down payment, monthly payment, foreclosure amount and other details.

Organize your financial documentation. These days all mortgages require more documentation. Discuss with the mortgage lender and find out what is required and what documents are to be prepared and submitted for the loan process.

To get the best deal on mortgage refinance, contact AEM Loan. Deciding on your home mortgage refinance lender can take up time but the rewards can last as long as your loan.