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MBA Urges Regulators To Avoid Invoking Suitability Standards
The Mortgage Bankers Association (MBA) recently made a preemptive strike against what it obviously perceives as the next threat against the mortgage industry - "suitability standards." Read more...

 

Tips For A First Time Buyer

For many people, a mortgage represents the largest quantity of money they will ever borrow. It makes sense, in light of that fact, to find the best mortgage loan quote. Getting a mortgage loan quote rate before you sign on the dotted line is the best way to get a mortgage that is right for you and your wallet. Getting a mortgage loan quote is simple, but learning to evaluate quotes is a whole other business because you need to know the following tips in order to understand what you're looking at and set up yourself to get the best rate from mortgage loan quote.

The first thing to know is that you shouldn't just go for the first mortgage loan quote that you get. If this is the first time you're shopping for a mortgage, then you may not know a good deal from a bad one. Shop around and compare the first rate you get to other quotes, because soon you may find something better. Watch out for low initial interest rates of a mortgage loan quote because these rates are deceiving. The initial rate may be low, but they will certainly have "tie-ins" attached that may make your low rate worthless.

They could charge you a big penalty if you refinance and switch to another mortgage lender. If the mortgage lender doesn't have any tie-ins, you'll still have to watch out for redemption penalties. These penalties are charged when you switch mortgage lenders, and these are in place to pay off the lender for the time they used up with you. These penalties attached to a mortgage loan quote are usually in the very fine print of an agreement, so make sure to ask about them.

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