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With Mortgage Lenders and Brokers advertising the "lowest rates", "no
closing costs" and "interest only loans", it is very difficult for the
average consumer who wants to borrow money to purchase a home or re-finance a loan to know
just which loan is really the best loan and lowest cost for his or her specific situation.
To help make that determination, we have constructed an easy to fill in "Mortgage
Worksheet - Short Form" that will help "compare" each mortgage offering
from as many lenders and brokers as you wish to consider.
All you have to do is fill in all the data on the sheet before you make a choice. After
all, this is one of the most important financial decisions you will be making and
ultimately involves the most money you will be spending during your lifetime.
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| WHAT
DO YOU NEED TO FILL OUT THE WORKSHEET? |
You will need to COLLECT the following data so that you can fill in ALL the fields in this
Worksheet to make an accurate "Comparison".
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Your current "Credit Score"
from one of the 3 Credit Agencies. To obtain your credit score, you can visit www.equifax.com, www.transunion.com, or www.experian.com. At a cost of $15 you
will instantly get your credit score. Highest Score = 950 and Lowest Score = 350.
Your Interest Rate will depend on your "Credit Score" so it is important to
obtain it. You may also qualify for special favorable mortgage loans with lower interest
rates if you have a high score, so knowing what it is will aid in your search for the best
program for you.
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The Name, Phone Number & Contact
Name of each Lender or Broker you are obtaining quotes from.
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The current Interest Rate quote for
the Mortgage Loan Types you are interested in ( Such as Fixed or Adjustable Rate, or both,
and what options you want as part of the loan).
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After you obtain quotes from enough
Lenders or Brokers that you are interested in with the terms you consider favorable, you
need to request a "Good Faith Estimate" Hud Form be faxed to you.This form will
list all the estimated costs that the lender will be charging for the loan including any
"Discount Points", "Broker Fees" and "Closing Costs" and is
legally required to be provided to you upon request PRIOR to accepting any loan
obligation. This is a very important document and must be collected from each lender
before you can proceed with making a decision.
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Monthly Mortgage Interest cost which
will be provided to you using our "Interest Tables" on our website.
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We
suggest you involve at least 3 to 5 different Mortgage Lenders in making a fair and
complete "Comparison". If you use a Mortgage "Broker", who can
represent many different Lenders, we also suggest that you contact 2 or 3 individual
Lenders yourself, such as a local Savings & Loan or a Lender that has a web site. Be
sure that the Lenders you wind up with as possible candidates to loan you the funds are
"Licensed in your State" Ask them before you waste your time. If you do use a
Mortgage "Broker", then you may be paying a "Broker's Fee" as part of
the cost of the loan. Therefore you need to take great care in collecting the data for
Step # 9 below.
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| HOW TO DOWNLOAD AND FILL OUT THE
WORKSHEET |
Use the Mortgage Loan Worksheet BEFORE you commit to any Mortgage Loan or
Re-Financing. You could save thousands of dollars in interest and closing costs using this
Worksheet to uncover costs and uncompetative rates.
You are invited to print as many copies of this Worksheet as you need to compare all the
Lenders you are considering to provide you with a Mortgage Loan or to Re-Finance your
existing Loan.
Click here to access the Mortgage Loan
Worksheet.
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To view and
print the Mortgage Loan Worksheet, you need to have the
free Adobe Acrobat Reader plug-in installed on your computer. If
you
don't have it, please click here
to download it. |
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For complete details and current interest rates e-mail :
Worksheet@Mortgage2USA.com
or use our "Visitor Info Request Form".
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