COMPARE CLOSING LLC

It’s a no brainer that whenever you are getting a mortgage or refinancing done, you would always make sure that you get the  best deal . However, most of the time, people do not have an idea of  how to shop for the best mortgage rate . Today we will understand how to shop for the best mortgage rates and how could it benefit you. Common Mistake while Shopping for  Best Mortgage Rates When people are in the process of  refinancing  or  buying a new home , a prevalent mistake they make is getting a quote from different lenders on different days. For example, if you are getting a quote from lender A on Monday and Lender B on a Wednesday, this would end up in inaccurate  comparison as the mortgage rates  fluctuate daily. It could be possible that lender A gave you a rate when the rates were high on Monday and lender B gave you the rate when the rates were low on Wednesday. Know Your Scenario It is critical to understand your scena...

About Mortgage A Mortgage is a loan where your property or real estate is used by the lender or bank as collateral. Once the lender or bank lends you a mortgage, you make a promise to repay the home loan you have borrowed with the interest rate agreed at the time of origination. The title of the property is in the borrower’s name however the lender has a 1st lien on the title till the loan is paid off. If the borrower fails to make timely payments, the lender can foreclose on the house to recover the remaining loan amount. The lender  owns the house until the loan is paid off. How Does A Mortgage Work? Mortgage loans are usually taken by individuals who do not have enough cash funds in hand to purchase a property. Based on the property value and a few other parameters Banks or Lenders will decide how much of the loan can be approved (Maximum up to 97.5%) and the rest will have to be the down payment made by the borrower. However,...