Secrets on How to Compare Mortgage Lenders - by Rick Fortson

Are you attracted by low-interest rate mortgages? Many first time buyers think that the interest rate a mortgage company offers is the only thing that matters. Rates are important, but many mortgage companies artificially lower their advertised rates by increasing the up front costs a buyer has to pay. It's all in the fine print, and you can read it if you have the time. Other mortgage companies may not be there when you need them, causing the purchase to fall apart at the last minute.

You want to have someone who works with mortgage companies every day help you find the loan that's right for you. Part of our service to homebuyers includes explaining the mortgage process completely without all the financial language that's hard to understand. To make it easier for you to shop for the right home loan, we can provide you with a Prefered Lender contact.

Our Preferred Lender
Ryan Carrigan
Shamrock Mortgage - President/Owner
cell: 630-973-8100
office: 630-718-0000

Here are some helpful things to remember when comparing lenders? You will need to compare the following things with each lender:

1) Are there any origination fees? (like points, which could be 1% of total mortgage amount)
2) What are their 30 year fixed, 0 point mortgage interest rates?
3) Are there points paid? (1 point = to 1% of total loan amount. Example: 1 point on a $100k loan = $1,000 due @ closing)
4) The differences between Mortgage Brokers and Banks
5) What loan programs available to best meet your personal needs
6) Are calls returned promptly and provide the answers you need?
7) How much experience do they have as a loan officer?
8) Is there company reputable?  Time in business?

We want your first-time home purchase to go smoothly so you can enjoy putting your own special touches in your home!