Shopping for a mortgage can be a frustrating process; namely because one does it rarely and most know little about the process, costs, etc. There are some "rules of the road" that will ensure you end up with the best product and experience. Here are some of the do's and don'ts:
DON'T: Initiate the process until you're sure you want to buy. Running credit reports will affect your credit so be sure you are really looking for a mortgage.
DO: Get pre-approved before you start shopping for a property. This is for a variety of reasons some being: to see what you can "afford" and to ensure you work with the best real estate agent for your unique and specific needs. Any agent worth their salt won't spend anytime with you unless they know what you can buy and that you are committed to the process.
DON'T: Use a friend of the family or uncle Bob. These are big numbers and there are a lot of variables and most deals get hairy along the way...best to keep friends and family out of business.
DO: Shop one large and one small bank and one broker. Each have their own products and things they can do or can't. No need to shop multiples other than outlined. With this, you will get full coverage.
And Finally...many of my mortgage broker and banking clients hate when I say this but it's true; and they know it. Once a deal is transacted, it's unlikely you'll be invited to their Christmas party. This is a business transaction and should be treated as such. I know many sell "service" in order to justify the higher price. If the mortgage is from a reputable bank AND your contact has been in business for a while, chances are you'll get to the closing table...all things being equal...SHOP PRICE!
About Hoboken Home Advisors
HOBOKEN HOME ADVISORS was born from the demand of local residents searching for an independent resource to evaluate and recommend the best professionals for their unique and specific real estate needs.
We connect you with the best local real estate professionals for your unique and specific needs and we make these recommendations FREE AND WITHOUT OBLIGATION. http://www.hobokenhomeadvisors.com