Pittsfield, MA -- (SBWIRE) -- 03/22/2013 -- Real-estate-yogi.com has some knowledge of how to accomplish this and is happy to share it, including:
- No Comparisons
- Choose the Best Loan Officer
- Opt for the Right Loan
- Consumer Price Index
Don’t Compare Lenders
Despite what one may have heard, it is not in one’s best interests to compare different lenders when searching for the cheapest fixed rate mortgages. Most loans are similar; the difference isn’t necessarily in the loan, but in the loan officers. That topic will be addressed shortly, but now, understand that there really isn’t much difference between financers. They all want a person’s business. It’s how the loan is presented that makes it the best deal.
Loan Officers Rule
As previously mentioned, there isn’t much difference between lenders of cheap fixed rate mortgages. It is the gift of the talented loan officer to up-sell his loan for his financing institution. When a person calls and asks for a quote on the AFR (annual fixed rate) on a 20-year loan, the loan officer’s job is to point out that, even if his bank’s rates are a tiny bit higher than the lender the person spoke to just before him, it’s worth it for the excellent customer service that comes with it. Rely on instinct to lead one to the right loan officer and the right loan.
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Choosing the Right Loan
The best cheap fixed rate mortgage can be found anywhere. With a slight variation in interest rates, mortgages are very close to identical. The best way for an individual to choose the right loan for himself is to go with his gut. If the loan officer and other employees at the lender were consistently polite and respectful, they might be the correct lender. If the fixed interest rate is as low as any others and the person is comfortable with it as well as the bank itself, that’s the loan to choose.
The Consumer Price Index
Believe it or not, the Consumer Price Index directly affects cheap fixed rate mortgages. Not only does the CPI have an effect, the Non-Farm Payroll numbers also do. The way rates are tabulated based on the economy and the inflation rate. When the economy is good, businesses produce more. Demand for capital raises the costs of borrowing, which allows for a big mark-up on products.
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