Mortgage interest rates are still at historic lows, and there is stiff competition among lenders to try and get your business.
The key idea is to shop around. Mortgages are products, just like cars, and you may find that you are able to negotiate the price and terms. This applies to home purchase mortgages, a refinancing situation or a loan on your home's equity.
You will need to compare all of the costs that are concerned in the process of getting a mortgage, so it is strongly suggested that you request a Good Faith Estimate (GFI) from lenders once you have narrowed the field to two or three. This document will spell out all of the expenses that are part of the process.
The U.S. Department of Housing and Urban Development offers a brochure that will aid in guiding you through the process. This is available at no charge. It may be obtained at www.hud.gov/buying/booklet.pdf .
Please feel free to contact us, and we will give you our list of preferred mortgage professionals in the San Diego area.
