How do you evaluate which mortgage lender to go with when buying properties? How do you compare lenders?
In this class you'll learn:
- An experiment emailing lenders for rates (an experiment with real results)
- My email template for asking for rates
- Email response times (or lack of response)
- What to provide to each lender to get the closet apples to apples comparison
- What you might get back from the lenders
- What is the Annual Percentage Rate (APR) and why it matters and why it doesn't matter
- Appraisals and why it is hard to compare appraisals between lenders
- Getting a lender letter
- Getting pre-qualified
- How lenders quote points and why you might not be fairly comparing lender A to lender B (and its their own fault)
- In an ideal world, this is what you want to get from your prospective lender...
- Some situation specific concerns and how to deal with them
- Lender fees: which are static/less lender specific and which are lender specific and variable
- Private Mortgage Insurance (PMI) and how it varies for each lender (see our entire separate class on Private Mortgage Insurance)
- Understanding how lenders get paid
- Selecting a lender after gathering your research
- Why it is not always about rate for me when selecting a lender and what I am willing to pay a (small) premium for
- Some lenders will compete to get your business (many won't)
- Lenders going above and beyond offering additional perks and services
- Plus much more...
Duration: 1 hour and 59 minutes
Recorded: November 13, 2019
Instructor: James Orr
