949-567-8155
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# Should I choose the lender with the lowest interest rate and costs?
There are two important things to consider when choosing one lender over another one:
* **Quality of Service** – Especially for first-time homebuyers who will have many questions about the total financing process and available loan options. Finding a lender with outstanding service skills that you trust will comfortably guide you every step of the way, so ask questions, even before you fill-out an application.
* **Cost of Services** – It’s good to ask potential lenders upfront what they charge for their services and any fees involved. They should be able to give you facts and get you through the financing process so that you feel confident knowing that you made a good decision by choosing them.
### About Us
We've been helping customers afford the home of their dreams for many years and we love what we do.
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Phone: (949) 567-8155
 info@indeedml.com
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# How can I find the best deal?
When doing your comparison shopping for lenders consider that lenders can structure financing in many ways:
* Charge higher fees, and offer a low interest rate.
* Charge a higher interest rate with lower fees.
* Ask each lender what their interest rate is for a zero discount point loan that’s based on a 30-day or 60-day lock period.
* Ask each lender what they charge for an origination fee.
* Ask each lender what they typically charge for a loan, i.e. fees for brokers, processing, underwriting, etc.
# When I should refinance?
It's generally a good time to refinance when mortgage rates are 2% lower than the current rate on your loan. It may be a viable option even if the interest rate difference is only 1% or less. Any reduction can trim your monthly mortgage payments. Example: Your payment, excluding taxes and insurance, would be about $770 on a $100,000 loan at 8.5%; if the rate were lowered to 7.5%, your payment would then be $700, now you're saving $70 per month. Your savings depends on your income, budget, loan amount, and interest rate changes. Your trusted lender can help you calculate your options.
# What does it mean to lock the interest rate?
Mortgage rates can change from the day you apply for a loan to the day you close the transaction. If interest rates rise sharply during the application process it can increase the borrower’s mortgage payment unexpectedly. Therefore, a lender can allow the borrower to "lock-in" the loan’s interest rate guaranteeing that rate for a specified time period, often 30-60 days, sometimes for a fee.
# Should I pay points to lower my interest rate?
Yes, if you plan to stay in the property for a least a few years. Paying discount points to lower the loan's interest rate is a good way to lower your required monthly loan payment, and possibly increase the loan amount that you can afford to borrow. However, if you plan to stay in the property for only a year or two, your monthly savings may not be enough to recoup the cost of the discount points that you paid up-front.
# I've had credit problems in the past. Does this impact my chances of getting a home loan?
Even with poor credit getting a home loan is still possible. A lender will consider you to be a risky borrower and to compensate for this they will charge you a higher interest rate, and expect a higher down payment usually 20%-50%. The worse your credit history is, the more you can expect to pay.
# Should I lock-in my loan rate?
It's unsure how interest rates will move at any given time, but your lender may estimate where interest rates are headed. If interest rates are expected to be volatile in the near future, considering locking your interest rate may be good because it allows you to qualify for the loan. Or, if your budget could handle a higher loan payment, or lender's lock fees, you may want to let interest rates "float" until the loan closing.