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Lenders who win bid tend to value their potential customer more and are more often willing to offer you a much better product with greater incentives and lower rates than their competitor. You have more options in choosing loan that's best for you.
Online Loan Shopping Tips:
1. Don't accept first or second loan offer.
2. Let lenders know if someone gave you a better offer and let them WIN YOU OVER.
3. Next, check rate trends and calculate loan rates and payments according to lowest rates offered. This can be easily done online at top lending marketplaces online. Mortgage Loan Search at www.MortgageLoanSearch.net reviews lending marketplaces offering tools, tips and guides to make loan shopping process possible. Firmly hold to lowest rates within your reach.
4. Don't give impression that you absolutely must have this loan now. Your greatest bargaining position is not desperately needing product being offered.
5. Ask about fees up front. Use amortization calculator to figure in fees, insurance and tax payments.
FINDING A GOOD LENDER
It is always prudent to seek recommendations from credible sources regarding lenders who make you an offer online. Seek individuals who have experienced loan process and closing with lender, broker and loan officers in question. Among questions you could ask are:
1. Did loan process go smoothly?
2. Were all your questions answered?
3. Was process explained to you?
4. Were all fees discussed candidly?
5. Were there any undisclosed fees charged at closing?
6. Was every effort put forth to give you a deal to your satisfaction?
7. Were you pressured to sign anything against your better judgment?
8. Were all papers signed before funds were issued?
9. Was settlement package complete?
10. Was there ample time to review all documents before signing?
11. Did you receive funds in a timely manner?
12. Were certificates of satisfaction and deeds of trust properly registered at courthouse and filed? Were you given originals upon satisfaction of payment? If you get a positive response regarding above and you are satisfied with rates and fees offered you’re likely to come out winner.
Mark Askew is editor for Mortgage Loan Search at www.MortgageLoanSearch.net, an extensive grants, lender directory and search engine for financing or refinancing business, home, auto and student loans. Mark writes interest rate news and low rate financing tips and guides to shopping low interest rate loans online.