NLIC.org

Marjorie Said:

How to know if I am getting a good/low interest rate for a home mortgage ?

We Answered:

There are two documents that are important to have when getting your mortgage loan.

One is the Good Faith Estimate (GFE) this document tell you the cost of the mortgage loan and an itemize list of each cost.

The other is called a Truth In Lending (TIL) this document will tell you the over all cost of the loan with the interest rate as well as the APR which tells you the cost of the mortgage loan that you will have to pay to include the prepaid.

With this document you are able to compare one mortgage company's cost against another mortgage company's cost. The lowest APR is the mortgage loan that cost the least to you in overall cost and pre-paids.

The lenders are required to disclose the APR before the loan or credit application is finalized and in some cases is called the cost of borrowing and is some form or standardized was of consumer protection. APR is intended to make easier to compare lenders and loan options

I hope this has been of some use to you, good luck.

"FIGHT ON"

Caroline Said:

Im lost on how to get the best deal for a mortgage in these times, any help?

We Answered:

Try a local bank or a local mortgage broker. Ask someone you trust for a recommendation.

Charlotte Said:

Best Mortgage Compay?

We Answered:

Remember Buddha's advice:
"Believe nothing, no matter where you read it or who has said it, not even if I have said it, unless it agrees with your own reason and your own common sense." You are the only "expert" you can trust.

A lot people giving advice are also looking to give you a loan, if they are not local to you and you can’t get to them within 1 hour don’t fall for it. They say they are licensed in all 50 states, what does that mean? Which state do you have to look in first if something goes wrong? KEEP IT LOCAL!