Today’s Monterey, Indiana Mortgage Rates

When buying a home or refinancing in Monterey, keep in mind advertised interest rates and the (APR) annual percentage rate are different.  What’s the difference?

Why the difference? The APR is intended to supply the borrower with a more information.  Considering the APR is more effective when buying a home or refinancing. The APR includes not only the interest expense on the loan but also all fees and other costs involved in procuring the loan. These fees can include broker fees, closing costs, rebates, and discount points. These are often expressed as a percentage.  The Federal Truth in Lending Act requires that every Monterey consumer loan agreement disclose the APR. Since all lenders must follow the same rules to ensure the accuracy of the APR, borrowers can use the APR as a good basis for comparing certain costs of loans. (Remember, though: Your monthly payment is not based on APR, it’s based on the interest rate on your promissory note.)

When shopping for a Monterey mortgage it is important to research your options.  Before a consumer even begins the process, checking a companies ratings and reviews can save a lot of time.  Consumers also agree it can be reassuring to work with a local Monterey, Indiana company.  Going local gives the opportunity to meet face to face with a licensed Mortgage Consultant.  Easy to use online mortgage technology should also be an available option.  Online applications, secure document uploads and electronic signatures make the mortgage process simple.

It’s important to evaluate interest rates, APR’s, closing costs and upfront fees when comparing mortgage offers. After applying, the loan estimate supplies consumers with all of these details in writing.  Always be aware of companies asking for upfront fees.  Companies asking for upfront fees in order to lock a Monterey mortgage should be avoided.  Lenders and banks often use this tactic in order to make a consumer feel trapped and upfront fees are often non-refundable.

Being prepared, It’s a great idea to gather all of your personal documents before starting your Monterey home loan.  Having your documents together will save you and your mortgage consultant a lot of time.  Remember, everyone is working towards the same goal, getting consumers into their new Monterey home or refinancing them quickly.  Lastly, it’s always a good idea to work with a company that is local and has in house processing.  This can save the headache of having to deal with multiple people throughout the loan.  Working local and one on one with the same person gives consumers peace of mind.

Consumers are easily persuaded by corporate advertising, often billion dollar corporations tied to retail banks and or lenders.  Corporations make millions each year selling retail mortgage rates, upfront fees and even worse charging excessive closing costs.  A major distraction that can easily be diverted by comparing Monterey mortgage quotes.  A retail quote comes from big name lenders or banks, wholesale quotes comes from local Monterey, Indiana mortgage brokers like Smart Mortgage Centers.  The wholesale broker is able to shop for the lowest Monterey mortgage rate, offer discounted pricing, no upfront fees, and no closing cost options.  Even more appealing, wholesale brokers work side by side with consumers from start to finish.  Another benefit would include a wide variety of programs, lower credit score options and even finding alternative ways to lend.  No matter what your situation, always entertain the idea of getting a quote from a Monterey, Indiana mortgage broker.

Types of mortgage programs available to Monterey, Indiana home buyers and those looking to refinance.