Home - Mortgage Loans | Personal Loans | Bad Debt Loans | Foreclosure Loans
Apply for a Loan | Best Auto Loans | Best Bad Credit Auto Loans | Best Bad Credit Loans | Best Bill Consolidation Loans | Best Cash Advance Loans | Best Credit Cards | Best Credit Repair Tips | Best Debt Consolidation Loans | Best Free Credit Reporting Tips | Best Home Equity Loans | Best Mortgage Loans | Best Pay Day Loans | Best Personal Loans | Best Products on the Internet | Best Unsecured Loans
Great Financial Advice
Apply for a Loan
Latest Financial News
Rate Lock Advisory
Best Products
Join Our Mailing List
Contact Us
Loan Articles Index
Auto Loans
Bad Credit Auto Loans
Bad Credit Loans
Bill Consolidation Loans
Cash Advance Loans
Credit Cards
Credit Repair Tips
Debt Consolidation Loans
Debt Reduction Loans
Foreclosure Loans
Free Credit Reporting Tips
High Risk Loans
Home Equity Loans
Home Loans
Lawsuit Loans
Mortgage Loans
Pay Day Loans
Personal Loans
Products on the Internet
Real Estate Services
UK loans
Unsecured Loans
Loan Article Index
Loan Articles A-G
Loan Articles H-Q
Loan Articles R-Z
Mortgage Calculators
Mortgage Calculator
Mortgage Amortization Calculator
Rent vs. Buy Calculator
How Much Can I Afford Calculator
Auto Payment Calculator
Click here to Sign up for Email and Newsletter


redhotloantips fat loss

Home loans: 7 little known loan secrets that can save you THOUSANDS.

Written by: Joel McDonald

When shopping for a home loan, getting a competent loan officer (and an ethical one) is far more important than saving a fraction of a percentage point on your interest rate. Going with the "lowest bidder" may save you five or ten bucks on your home loan, but choosing who to work with just because of the lowest interest rate could very likely get you a "loan shark" who will get you stuck with a rate that is irreversible, or you might not even get a loan at all.

The best ways to avoid originators who are incompetent, or who practice unethical tactics:

Avoid shopping for a L.O. in the phone book or newspaper. That's where most predatory originators advertise.

Avoid committing to originators just because they promise the lowest rate. If their rate is more than 1/4 of a percent less than what most other lenders are offering, it's likely too good to be true, and you won't find that out until it's too late. (Usually - the morning of closing!)

Ask trusted friends who they used for their loan.

Beware if the loan documents you are signing involve a pre-payment penalty. Pre-payment penalties are typically attached to a loan when originators are being given a large kickback from the lender.

Before you sign those loan documents, get a second opinion.

If the pre-payment penalty wasn't sprung on you until you are at the closing table, you should strongly consider what you are committing yourself to before signing those documents.

Ask a trusted Realtor for a couple recommendations of originators to use. Unlike you, who won't likely be buying again for years down the road, lenders want to make sure to impress Realtors, because those Realtors represent dozens of other loans through buyers they'll continue to send their way.

Never - ever - get a home loan from an out of state lender. Every state varies widely on the loan closing process. Even the most competent lender could jeopardize a transaction for something as minor as not knowing whether the home you are buying is in a "wet state" or a "dry state". (*A "wet state" funds the mortgage loan on the day of closing, whereas a "dry state" funds the loan several days after closing. )

If you really want to have fun, when you apply for your loan, ask your LO what fees they charge, and after they give you their answer, ask them if that includes a "yield spread". (You're GUARANTEED to catch them off-guard.)

If the above tips didn't answer your questions, you can also try 10LoanSecrets.com. It has a far more in-depth approach to getting the best loan for your needs.

To find a real estate agent who can assist in finding a competent lender, visit Make-Them-Pay.com
About the Author

Joel is a member of Make-Them-Pay.com - a website dedicated to empowering home-buyers to get the most out of their real estate agent.

Other Related Articles:

Small Business Loan
Do you have a great idea? Are you an entrepreneur at heart? Then what are you waiting for, now is the time to start your small business. The best way to get started is to secure the financing you will need to fund your small business....read more

Getting A Handle On Your Bills With A Debt Consolidation Loan
If you find yourself overwhelmed in debt, or are considering applying for a mortgage but your debt to income ratio is too high, it may be time to consider a debt consolidation loan. Qualified mortgage companies, such...read more

How To Stretch Your Student Loan
If you're considering going to university, there is a strong chance that you're also contemplating taking out a student loan to fund your university expenses. Student loans don't have to equate to student debt and if you plan your finances, it is...read more

Return to Home


Best Auto Loans, Best Bad Credit Auto Loans, Best Bad Credit Loans, Best Bill Consolidation Loans, Best Cash Advance Loans, Best Credit Cards, Best Credit Repair Tips, Best Debt Consolidation Loans, Best Debt Reduction Loans, Best Foreclosure Loans, Best Free Credit Reporting Tips, Best High Risk Loans, Best Home Equity Loans, Best Home Loans, Best Lawsuit Loans, Best Mortgage Loans, Best Pay Day Loans, Best Personal Loans, Best Products on the Internet, Best Real Estate Services, Best UK loans, Best Unsecured Loans
Subscribe to Mailing List | Private Policy | Unsubscribe | Site Map