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What You Need To Know About Shopping For A Mortgage

Posted by Bonnie Martin Designated Broker on Friday, October 5th, 2012 at 9:19am.

When prospective buyers want to enter the real estate market they naturally are looking for the best rate with the lowest fees.  Bargain shopping is the new pastime during these fiscally challenging times.  It is the American way to try to find “the best deal”.  After all the more money you don’t have to spend, the more you can use toward your new home.  That seems logical and intelligent, right?  I would have thought so too before now.

Here are potentially incorrect assumptions:

  • your mortgage request will be approved because you have great credit.
  • lenders will honor your timeframe 
  • if buyer and seller agree on a price, the rest of the pieces will fall into place
  • local or national, the service is the same.
  • a mortgage pre-approval is almost a guarantee of a mortgage approval.
  • if the buyer and seller want the sale to go through badly enough it will happen.

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