Asked in LoansMortgagesMoney Management
How do you know if your getting a good deal on a mortgage?
August 09, 2008 1:58PM
"good deal" has a lot of meanings.
For some borrowers just being able to buy a house is a good deal.
"good deal" has so many variables ( credit / Down Payment / Area home is being purchased / fees / rate ).
The only person who REALLY knows if you got a good deal is the mortgage professional you are working with. It is CRITICAL that you work with someone who is ethical, has been in the business a while, and has enough loans closing that they do not need your deal to make their own house payment.
An ethical Broker will be able to give you the best deal. If you do not know a trustworthy broker in your area, then go with a national bank or local credit union . You will not get quite as good a deal as you would with a good broker, but you are much less likely to get ripped off too.