Why it's important to shop around for interest rates
Are you considering the purchase of a home? If so, you might be beginning to examine the different ways you can finance the sale, which is likely the largest you have ever undertaken. Unless you have the savings on hand for an all-cash transaction, you will probably look for financial assistance provided through a mortgage.
However, not all home loans are created equal. These products can range in overall cost and term length, so if you're in the market for one, it is imperative you do a substantial amount of research before signing the dotted line. When you're shopping for clothes online, you don't buy from the first website you visit, do you? Savvy shoppers generally compare prices and shipping costs between a multitude of different retailers before placing their virtual order in hopes of saving money.
Accordingly, shopping around for a mortgage could be the most important action you take while pursuing the path to homeownership, for the following reasons:
Different lending sources offer different rates
Although the government sponsored enterprise Freddie Mac reports on weekly changes to popular fixed- and adjustable-rate products in its Primary Mortgage Market Survey, lenders typically offer potential borrowers their own rates. This can depend on a number of different factors, including region, level of demand and time of year.
To get a good idea of how much a home loan will cost you, speaking with representatives from a multitude of different lending organizations could be to your benefit. These professionals can help you to determine what kind of conditions are most favorable to your financial situation. For instance, FRMs enable homeowners to pay a predetermined amount, while ARMs could see their monthly obligation range considerably. Those who opt for a longer term loan can typically enjoy smaller payments, but tend to pay more in interest.
As you can see, mortgages have a number of factors that are important to thoroughly consider. Poli Mortgage Group is a trusted source of residential lending that routinely offers its clients incredibly low rates that are based off of the current national interest rate averages. During its 13 years in operation, the firm has written more than $11 billion mortgages and received acclaim for its Loan Officers' expertise, attention to detail and high quality customer service.
Some firms employ predatory lending practices
Not all residential lending firms are a reputable as Poli Mortgage Group, though. While the majority exist primarily to assist individuals in achieving their dreams of homeownership, other agencies look to prey upon unsuspecting borrowers. Using predatory lending tactics, these organizations can lock their clients into payment plans with high interest rates and strict rules against paying down the total owed ahead of time.
In order to avoid falling victim to one of these untrustworthy firms, it is imperative that you perform Internet searches on the firms that are offering rates that seem too good to be true. According to MSN Real Estate, there are many online resources that make accomplishing such a task much easier. Commercial housing analytics websites such as Zillow host user-generated reviews regarding various bankers, mortgage brokers and lenders.
"We're out in the open, and you can see everything about us," Michael D'Alonzo, president of the National Association of Mortgage Brokers, told the news source.
Not only has Poli Mortgage Group satisfied t thousands of clients, but it has also maintained an A-plus rating with the Better Business Bureau. The lender, which is licensed to operate in 17 states up and down the East Coast, has made a name for itself through transparent, trustworthy practices. Never failing to adhere to industry standards has helped the firm to grow into a regional authority. If you're interested in learning more about the offered products and services, call 866-353-7654 today.