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Dream Town has partnered with Guaranteed Rate, The Home Purchase Experts®, to help connect our clients to the best mortgage professionals in the industry. Offering unparalleled service, the dream team at Guaranteed Rate will expertly walk you through your home loan process providing the support you need to secure the best terms for your home purchase.
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This will involve some research, but is well worth the time. A great place to start is the Better Business Bureau and Yelp for business ratings and consumer reviews. Don't underestimate the power of social media—check out the company's Facebook or similar sites. We recommend our preferred partner Guaranteed Rate.
When shopping for a mortgage professional it's perfectly acceptable to interview several prospects. Your mortgage professional, using their extensive experience, can set the stage for your ideal mortgage process. Look for someone who is experienced, responsive, and a straight communicator.
The fees you'll typically be charged when purchasing a home are simply a consequence of attaining a mortgage. The only fees your lender can control are points charged on behalf of the lender to attain your loan. Other fees charged can include: credit, appraisal, title, and, in some cases, state, county and municipal taxes.
When shopping for lenders by reviewing fees there are two documents you can use to compare costs:
Quite simply, if bonds rise then mortgage rates fall, and if bonds fall then mortgage rates rise. Additionally, the bond market typically moves twice per day—this means rates also move. What's important here is that when a mortgage professional quotes a rate, it is accurate for that moment. The bond market could possibly shift later in the day. While mortgage shopping can be time consuming, your research can help to ensure a smooth mortgage transaction.
Understanding the relationship between mortgage rates and the bond market will allow you to make an educated decision about available rates and the best time to lock in your rate.
When mortgages are sold and purchased by Fannie Mae, Freddie Mac, and Ginnie Mae on the secondary market, they offer mortgage-backed securities (bonds) as payment. It is the mortgage-backed bond market that drives mortgage interest rates.
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