Craig Tashjian Learning Center - Mortgage top ten tips

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Mortgage Education

Shopping for a Mortgage?
My Top Ten List

So you're seriously thinking of applying for a mortgage. It's a wonderful and exciting time, as that means you're looking at a new home, a vacation property, or perhaps an investment property. But now you find yourself wondering about what kind of mortgage company to do business with. Here is a "top ten list" of things to look for when you're shopping for a broker:

Don't just shop for the lowest interest rate. Do you really want to go with the lowest bidder for quite possibly the largest single purchase of your life? Going with the lowest bidder could be fraught with problems.
Ask for references and be sure to check them. It's the only sure way to know that you're dealing with a reputable organization. If they don't want to provide you with references, that should be a red flag.
Chat with several different mortgage professionals and see what kind of chemistry you have with them. You're going to be working with them for months, and in some instances more than a year. So be sure that you are comfortable with them.
Verify the interest rate. Make sure that the interest rate they are quoting you is the interest rate you are actually going to get on closing day. Ask for the quote in writing and all the fees.
Ask how long they are willing to lock the interest rate. If it's a fantastic rate but they can only guarantee it for ten days, it's unlikely that you'll be able to take advantage of it. Fairway guarantees your rate for a full 60 days.
Pay close attention to the closing costs. Don't let your mortgage advisor talk to you in generalities. Ask for specific numbers, and ask for them right up front. Once the closing costs are rolled into the actual mortgage, you tend to lose track of them.
Look for someone reputable. Have you ever heard of the company before? Do they have any kind of brand identity? Do you personally know anyone who has done business with them? There are a lot of very small companies out there. Make sure that the one you choose to do business with has the staff and resources behind them to deliver what they promise.
Don't forget about customer service. Getting a mortgage is not just all about dollars and cents. It's also about the level of service that you receive. Make sure that the mortgage advisor you're about to sign with is providing a service, not just money. Are they accessible? Do they return calls promptly when you try to reach them? Do they do the legwork, such as copying and delivering documents, or do they make you do all the work? These are some of the telltale signs to look for.
How quickly can they get you prequalified? When you finally find the dream house or property that you've been looking for, you want to act quickly to secure it. If you can show the owners that you are already prequalified for a mortgage, that says a lot. Be sure that your mortgage company can prequalify you quickly, and that they won't let your prequalification lapse.
Can they do anything for you besides get you a mortgage? While getting a mortgage is obviously the cornerstone of a purchase, there are lots of other details that you need to see to when buying a home or vacation property. You may need an attorney, a moving company, a landscaper, or perhaps an interior decorator. Does your mortgage advisor have established relationships with these allied professionals? That would be the sign of a good broker who is truly interested in helping you.

When you take all of these factors into consideration, we hope that you'll conclude that Craig Tashjian is the person that you want to work with.