Before locating financing for your potential ShortSteal.com property purchase- there are a few things you should know.

Avoid Mortgage companies or Banks that offer you ridiculously low interest rates! These are just teasers- to get you to call. The fact of the matter is this; although the FED interest rates have been lowered, Mortgage lenders are keeping their Yield Spread Curve high. Meaning, they are still giving out rates that they were giving out before the lowering of the FED. The reason is this- they are trying to make more money in interest off of new loans- to offset their losses on old ones!

NEVER accept a Negative Amortization Loan, or a “pay what you want” loan! The offset now- will bite you later!

Mortgage Lenders are changing programs and policies DAILY! What was offered to you last week, may be gone this week!

Once you get a pre-qualification letter, sign a sales contract as soon as possible. Once accepted- it allows you to get a “commitment letter” from your Mortgage Lender- BEFORE they have a chance to change your program or interest rate.

When trying to find a Mortgage- remember this; shopping around for a Mortgage Broker is prudent, shopping around for a loan with several Mortgage Brokers can be Credit Score “suicide”! All Mortgage Brokers use the same banks- so wholesale interest rates will vary only slightly. It is the Mortgage Broker fees that can be the difference between an 8.5% loan and a 7.25% one!

Finally, only use a Mortgage Broker that will communicate and keep you informed- every step of the way.

If you need assistance in locating a Reputable Mortgage Broker- we have several that are preferred for their high quality of customer service.
Please click the link below.

http://www.craverfinancialgroup.com/