If finding a mortgage lender was the hardest part of the game, we would buy a new house monthly! Unfortunately, it’s finding the RIGHT lender that is the challenge. Fortunately, YourKasa.com can help.  Looking through the swarms of banks, mortgage brokers, online lenders and other sources is no longer necessary because the creatures of YourKasa.com are a step ahead.  They have up to 100 lenders ready to work for you.

            1. Obtain information from several lenders
            2. Obtain all important cost information
            3. Obtain the best deal that you can
            4. Fair lending is required by law

Think of it as picking out a nice piece of furniture. You start out looking at many pieces, but once you find a style you are comfortable with and one that fits your lifestyle, you narrow the choices down and then finally choose one that fits. Instead of furniture stores, we recommend visiting the bank or credit union that you banking with. They will usually have mortgage deals for their customers. You may also want to check with close friends and family members that have dealt with reliable loan officers and mortgage brokers. Another resource is your real-estate agent. A good agent will not automatically pair you with their firms lender, but will offer other options in the area as well.

You will have to decide if you want to use a mortgage broker or if you want to find a mortgage on your own. Do keep in mind that a mortgage broker will not always find the mortgage that is best for your situation. Some may choose to pair you with a mortgage that will give them the best profit. It is advisable to speak with the brokers most recent clients and see how they rated their experience.

Know your grounds on Rates, Fees, Points, Down-payments, and Private Mortgage Insurance.

Once you know what each lender has to offer, it’s time to put on your poker face! Lenders and brokers may offer different prices for the same loan terms to different consumers, even if those consumers have the same qualifications. This is because loan officers and brokers are sometimes allowed to keep the difference as extra compensation. Have the lender or broker jot down all the costs associated with the loan. Then ask if they lender or broker will waive or reduce one or more of its fees or lower rate or points. Never hurts to ask!! Especially if they know you have been doing your homework.  Once you are satisfied with the conditions, you may want to ask for a written lock-in from the lender or broker. Don’t worry; if they charge a fee, it is usually refunded at the closing. A Lock-in simply protects your rates from increasing while the loan is being processed. However, if interest rates fall then you may end up in a less desirable position. (Yet, another reason to watch interest rates both before and during the buying process). If this does happen, speak with your lender or broker and see if you can work out a compromise.

The Fair Housing Act prohibits discrimination in residential real estate transactions on the basis of race, color, religion, sex, handicap, familial status, or national origin.

The Equal Credit Opportunity Act prohibits lenders from discriminating against credit applicants in any aspect of a credit transaction on the basis of race, color, religion, national origin, sex, marital status, age, whether all or part of the applicant’s income comes from a public assistance program, or whether the applicant has in good faith exercised a right under the Consumer Credit Protection Act.

Under these laws, no one can be refused for a loan based on these characteristics. They also cannot be charged more for a loan or offered less favorable terms based on such characteristics.