5 Sins Made by Mortgage Consumers

Consumers are simply leaving thousands of dollars on the table by not shopping for a mortgage effectively.  Such negligence was reported in November 2012 by Fannie Mae in a recent study on the topic of Mortgage Shopping.   The research shows those that make efforts to get multiple quotes and use available tools have the advantage. Once you have analyzed all the information you’ve gathered, you can feel confident that you are making the best decision and getting the best rate you possibly can for such an important purchase.

1. Grabbing the First Thing You See

Savvy buyers when it comes to mortgages save thousands of dollars. They tell you not to rent the first apartment you look at, and there are many mortgage companies to consider. Don’t be afraid to shop around and get multiple quotes so you can make an informed and educated decision.

The Billion Dollar Hero | homeownersinsurance.com

Created by HomeownersInsurance.com

See on Scoop.it – Mortgage Knowledge and Technology

Jeff Chin‘s insight:

Home insurance is mandatory for homeowners and property investors.  Combine an essential product with some creativity and imagination, you get a very entertaining perspective on a product required to go along with your 30 year fixed mortgage or 5/1 adjustable rate mortgage.

See on homeownersinsurance.com

Six Reasons Housing Inventory Keeps Declining

See on Scoop.it – Mortgage Knowledge and Technology

Home sales in December dropped by 1% from November, the National Association of Realtors reported on Tuesday, but still stood nearly 13% above the levels of one year ago.

Jeff Chin‘s insight:

A clear signal that the market is on the upswing.  Homebuyers should get ready for a more frantic buying market.  Connecting with a lender to review mortgage options will take some of the stress out of home buying.  Mortgage shopping early for a 30 year fixed mortgage or a 5/1 adjustable rate mortgage can be done early.

See on blogs.wsj.com

Debt Consolidation Mortgage Loan – Pros and Cons

If you have revolving debt often credit cards or student loans, consolidating them into your mortgage can save you lots of money. Considered a “cash-out” refinance, the purpose of the new mortgage can be a great way to get your finances in order.

 

Low Interest Rate Mortgage Refinance Loan – Benefits of a No Obligation Refi Quote

Many websites offer free online quotes. The key advantage is time savings in getting quotes to shop for your needs, whether for a home purchase or a refinance. Most sites will have fixed rate mortgages, adjustable rate mortgage, jumbo, VA and FHA programs.

The Facebook mortgage. Could social data be used for credit scores?

See on Scoop.it – Mortgage Knowledge and Technology

I’m about to move house. Which, as is usual, has involved a painful bank transfer and a lot of paperwork.

Jeff Chin‘s insight:

Credit scores are used by lenders, creditors, and yes, employers to help them on making decisions on you. Your social data is available for review.  Folding such information into a personal credit could the next big thing.

See on econsultancy.com