There are four things you must absolutely do in order to compare apples to apples, or mortgage quote to mortgage quote: Get your rate quotes…

They can’t be. Okay, someone might be a little lower, but lenders and brokers all get their mortgage money from the same place, so any…

Interest rates in newspapers are days old. Many newspapers around the country publish their ‘‘interest rate surveys’’ in the Sunday paper, usually in the real…

The best time to get rate quotes is in the morning after any governmental reports on the economy are released. Most reports are released by…

Of course not, but you need to understand how economic reports can affect mortgage rates. And you must understand how mortgage rates are priced before…

Some reports may impact interest rates more than others. Some reports might cause a reaction in the markets one day and then be completely meaningless…

I have probably been asked that question more than a thousand times. Literally. It’s the question everyone wants answered. The fact is that no one…

Most every institutional investor does. It’s a guaranteed rate of return for them. But there’s a bugaboo when investing in bonds: inflation. Inflation will eat…

Sorry, they’re not. You can’t track mortgage rates against the 10year or 30-year treasury. While they’re both fixed investments, they’re not tied to mortgage rates.…

Sure, the Federal Reserve chair and his buddies set interest rates, but they don’t set mortgage rates. What the Fed sets is either the Federal…

Your loan officer will have more direct influence on your mortgage rate than the lender will. At major retail banks and national mortgage bankers, loan…

Lenders set interest rates every business morning as markets open. There are various indexes, but for fixed rate mortgages they’re set to a mortgage bond…

Each state regulates and licenses its own loan officers, so there is no national database of complaints. Instead, you need to find out who regulates…

Sure you can. Just because you made a decision to work with one loan officer doesn’t mean you’re required to stay with him. Especially if…

No, your loan officer can negotiate your rate as well as whether or not your loan will include an origination fee or a discount point.…

Sure they are. You got what you wanted—the interest rate—and the loan officer got a little more money. But this isn’t regular practice. In fact,…

A market gain is the difference between what the mortgage price was when you locked it with the lender and what the mortgage price is…

Some very handsomely, some not. It depends on whom they work for. If they work for a national bank or mortgage banker, they more than…

Most states have minimum education guidelines and individuals must take courses to get their license to operate as a loan officer. No state is exactly…

Most loan officers will tell you that they never intended to get into the business, that they just ended up there somehow. There are a…

You want to ask questions that accomplish two things: determine their experience and let them know that you’re a savvy borrower who knows all the…

Some of the best loan officers don’t work for the megabanks, but instead opt to work for a smaller mortgage banking firm or a mortgage…

There’s no reason to discount referral sources at first glance. Some new agents (even experienced ones) don’t provide any whatsoever for mortgage loans. Some do,…

For starters, you need to know how long the agent has been in business. Agents who have only been in business for a year or…

By interviewing them and asking the right questions. If you thought finding the best lender was a chore, you might think that finding the best…

You need to be careful how and when you do this. If you’re buying a home, closing within thirty days, and it’s day twenty-eight, you…

Perhaps neither one at first. The mortgage process can be confusing, especially if it’s your first home. For starters, I would begin with the people…

A broker might be your best choice, but then again, a mortgage banker may be able to help you more. There are advantages that mortgage…

Simply ask your broker which lender you ended up with and they’ll tell you. In fact, many wholesale lenders will send information directly to the…

You’ll hear advertisements from brokers bragging about how many lenders they do business with, some claiming to work with a hundred or more. That may…

You can pay them, or their wholesale lender will pay them, or some combination of the two. There is no rule requiring that mortgage brokers…

Most mortgage brokers are smaller operations than mortgage bankers. Mortgage bankers use brokers to be able to make more loans with less overhead. Instead of…

No, not at all. Brokers get interest rates at discounts not available to the general public. As with most businesses in the United States that…

Mortgage brokers find mortgage money for the borrower from other mortgage bankers. Brokers don’t make the loans themselves, but arrange mortgage financing at the request…

Eventually mortgage money comes from a bank. Or at least from a banker. But getting a mortgage now is very different from what happened in…

You can certainly start there, but you may not end up there. A growing trend in the real estate industry is for real estate brokers…

Begin by using the Better Business Bureau to check for any record of consumer complaints. In addition, check with the state agencies that regulate lenders,…

If you’re using a real estate agent, get referrals from them first. Most real estate companies get solicited all day long from lenders wanting referrals.…

If you only looked at newspapers, television ads, or websites, it would seem that all lenders are your best lender. No one’s bad. In fact,…

You now find the lender that offers your chosen loan. If your mortgage is more commonplace, such as a conventional Fannie or Freddie loan, then…

An FHA 203(k) is a little different from a renovation loan and doesn’t cost as much as a conventional renovation loan in terms of equity…

You’ll run into some equity problems if you don’t watch out. Your lender can use the ‘‘subject to’’ value of the improvement when your current…

That depends on how much you want to borrow. If you just want to borrow $20,000 for a new deck or to redo the master…

No, but it’s critical to examine the sales contract. There may be a provision that you make a loan application with the builders’ mortgage company,…

Just get approved for a regular mortgage loan and wait for the house to be built. When you buy a new home in a brand-new…

If you don’t have a float-down feature, you can always refinance or modify. No one can predict the future, so you’re not the only one…

You need to compare your choices, but neither will ever be handsdown better each and every time. Yes, with a two-time close you’ll have two…

There are two common options: a one-time close and a two-time close. A one-time close loan means you obtain construction financing and a permanent mortgage…

There is no requirement that you take a permanent mortgage at the end of construction as long as the construction note is retired. But you’ll…

No. If you already own the land, then instead of coming to the closing table at the end of construction with a down payment you’ll…

The lender will take your building plans and give them to a licensed appraiser, who will determine a future market value of the completed home.…

Your builder will need to pass muster, both from an experience as well as a financial perspective. Lenders will review the net worth of your…

Construction costs are divided between ‘‘hard’’ and ‘‘soft’’ costs. Hard costs cover things like hammers and nails, wood, labor, and anything physical needed to build…

Mostly the same way you get approved for any other mortgage. You need good credit and all that goes with it, but the most important…

Starting from scratch allows you to build your own home exactly the way you want. Down to the linen closets. When you buy from a…

Construction loans differ from regular mortgages, but typically, when you get a construction loan you’ll also need to get a mortgage at the end. Construction…

Great questions, but it’s simply a matter of preference. For example, I know a guy who will shave his head before he will ever buy…

Reverse mortgages require counseling that has been prescreened and presented to you in a formal manner. Reverse mortgage loan officers must also go through training…

No, a reverse mortgage will first pay off any current mortgages on the property, and then you’ll be left with your reverse mortgage funds. If…

Lenders can set their own rate programs, but most reverse mortgage loans are ARMs based upon a common index, such as a treasury or LIBOR…