The One Thing You Need to Know When Shopping For A Mortgage in 2019

By Joel Kaczor, Owner/Broker

ExceptRates.“IT’S THE SAME THING.”

Remember the old television add?  It showed two stores that had the same item, but, one of the stores was charging much more for an identical item.  The star of the commercial yelled “IT’S THE SAME THING.”

This concept is very much how the mortgage business works.  There are only a few products that are sold and the borrower must conform to the guidelines set out by the program.  The four main programs are:

Conventional - Fannie Mae and Freddie Mac programs for loans up to $484,350.  Usually the best program for people with great credit and excellent credit scores.

FHA- Mortgage program administered by the federal government through HUD.  Maximum loan amount $314,817.  Usually the best program for non veterans with less than excellent credit.

VA- Mortgage program administered by the federal government through VA.  For veterans, or spouses of veterans in some cases, maximum loan amount $383,350.  If you are eligible, this is usually the best option.

USDA- Mortgage program administered by the federal government through the Dept of Agriculture.  No loan limit, however, there are limits for income.  Property must be in an eligible rural area.

There are a few other loan programs out there, but, these cover the vast majority of mortgage loans.  So, since you are buying the same product no matter where you get it, how do you make sure you get the best deal?

Go to a mortgage broker like First Assured Mortgage!  I’m committed to making sure the lenders that we are contracted with are offering the very best rates available.

I’m constantly changing the lenders that we deliver loans to based on rates.  The same lenders don’t always offer the best rates.  They fluctuate based on their appetite and based on commitments they have made on the secondary market.  Of course service is a consideration so the lenders we choose must do a good job of service as well.

As always, we offer quotes for no charge.  It’s easy to request a quote by clicking the following link.  Request A Quote.

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