Mortgage Alternative in Today’s Economy – Which One Is Right For You?

Today’s economy is very different from the economic state of our country five years ago, and with drastic changes in the real estate market as well, choosing the right mortgage is a crucial decision. There are numerous mortgage options available for prospective buyers at the current time; however, figuring out the pros and cons of each mortgage alternative can be a little overwhelming. In an attempt to simplify the process of choosing a mortgage, this article will explain some of the benefits and drawbacks associated with the 5 year ARM, 15 year fixed mortgage, and the 203 FHA mortgage.

Always Shop For Home Mortgage Rates

Don’t blindly accept a Realtor or Builder referral to apply for a Home Mortgage through their preferred lender. Many times they will say, “We work closely with this guy and he gets the job done”. Translation: “We play golf together and he buys the beer”. Remember, the Realtor won’t be paying the bill each month for the next 30 years, you will.

Mortgage Loan Officers that work off of a referral network of Realtors and Builders don’t have to have competitive Home Mortgage Rates because they have a steady stream of “Drones” (people who are referred to them and don’t shop) calling them. Shop around, get the lowest cost Home Mortgage Rate, then if you are inclined, approach the “preferred” Loan Officer you were referred to and ask him to match the quote.

If you apply for a Home Mortgage through a preferred lender without shopping, you will pay hundreds or even thousands of dollars in additional costs.

Finding the Right Mortgage Broker for You

In each state there are thousands of mortgage brokers. How do you know which one to choose so that you will end up at the closing table on time with the interest rate, loan terms and fees promised to you? Here are some tips and data that hopefully will give you the information and tools needed to find the right mortgage broker, how to work with them and to help minimize the risks before you get to the closing table.

First let’s eliminate some of the ways borrowers typically choose a mortgage broker. This may just remove most of the problems before they occur.

Recent Posts

Hearing Health Montanta

Numerous Americans deal with some type of hearing damage on a daily basis. Experiencing damage is actually an issue that influences both kids and people, and though it has been stated that near to 27-million people may take advantage of the utilization of a hearing...

OC Guide to Chiropractors

Chiropractic may be the research of the program, concentrating on the backbone and spine, using the intention of recovery not simply your system for motion and your body's conditions. Chiropractors are individuals who understand this artwork. It's research grounded...


The ear is the organ that detects sound. It receives sound as well as works well for body position and balance. Sound moves in waves of pressure along with the ear receives this sound. It is the brain and neurological system that actually 'hears' that sound. The outer...