How Do I Apply For and Get a Mortgage? |
Mortgages have become a part of daily life. It’s become hard to watch TV, listen to the radio, or surf the internet without running across ads that offer to get you a “better” mortgage. And they all promise that the process will be easy and simple. You may assume that the lender you are working with is obliged to offer you the best mortgage that you are eligible for. This may not be true. Even the new mortgage lending regulations passed by Congress in the summer of 2010 do not require a lender to give you the best deal possible — they don’t even require lenders to offer you a particularly good deal. Some state regulations require lenders to offer you the best deal they have, but this is something you will have to check with your state banking regulators. Other people in the mortgage buying process, including real estate agents, appraisers, attorneys, title and insurance company representatives may work with you, but they are not working for you. They don’t get paid unless the loan closes. So how do you get through the mortgage process? The key is information. You need to be as informed about every aspect of getting a mortgage as you can be. If you know or don’t understand something, ask! Ask more than one person, and consult more than one source of written information. In this section we will discuss: |
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