The most important thing to look for when you are
shopping for a mortgage is the interest rate, right? Not necessarily. There are
many other factors to consider, including the lender's charges for making the
loan, the terms under which the loan will be approved, and the lender's
reputation for timely completion of loan applications to meet purchase agreement
deadlines.
When Realtors are involved in sales transactions, they don't tell buyers
which mortgage companies to use. They can provide the names of established
lenders in town who have provided good service to their customers. They
can give general information about the different mortgage options that are
available today. Using a low interest rate as the main criteria for choosing a
mortgage could cost you money--and perhaps the home you want--if the company
cannot deliver on its' promises.
