Location: God's own country
Posted on: 13-06-09 10:26:50
Hello Cd's,
One of the members in my family is in the market to buy a residential property. To this end, this person has entrusted me to make an informed decision. The person concerned has a very good job as well as credit rating.
I am in the market to get a mortgage.
How can i ensure that I get the best mortgage available. Most of the people that I have spoken to say that their product is the best in town.
Also what kind of perks should I expect when I sign up for the mortgage?
Can I expect one of the following :
1. Return flight ticket to Disney land for family
2. A large LOC with the same lending institution with a lower than market rate of interest.
3. A large gift card
How do I shop around.
Some real life experiences will help both me and many other CD's to take full advantage of this current recession senario.
I know that once we sign up for a mortgage, then the lending institution will start having an upper hand and enforce all their rules to the fullest extent.
Thanks in advance.
Peace by TK
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I am a Gents and not a Ladies.
Quote:
Originally posted by tamilkuravan
One of the members in my family is in the market to buy a residential property.
Congrats TK!
Quote:
Originally posted by tamilkuravan
How can i ensure that I get the best mortgage available. Most of the people that I have spoken to say that their product is the best in town.
Same way as you would shop for a cellphone or TV or even better: shop for vegetables at a local subji-market in India.
Tell them what you got (your DP and financial strength) and ask for their best rate. Ask multiple "vendors". Show one vendor's "best" rate to another and ask him to beat it.
Use references.
Quote:
Originally posted by tamilkuravan
Also what kind of perks should I expect when I sign up for the mortgage?
None.
Usually these perks come from your higher rates. Rather than $1000 disney vacation package ask for 0.1% lower rate.
Lower rate is of greater financial benefit. No perks can beat it.
