Episode 3 - Getting The Best Mortgage!

How do you know if the mortgage you're getting - is the best one for you?  Real Estate this Week with Stephen Gasque tackles that issue, by examining how to qualify for the mortgage that's a perfect fit! We'll examine how to get the lowest mortgage interest rates, how to use points push the rate even lower, and whether mortgage alternatives might be better than the 30-year fixed! Our expert guest is Keith Gumbinger, with the mortgage information site HSH.com. Real Estate this Week with Stephen Gasque: The best real estate strategies out there - just for you!

Episode Transcript

(00:00):
Page 1. Show Open & Keith Gumbinger - Intro

(00:01):
Welcome to Real Estate This Week! Hi again! I'm Stephen Gasque, and I am so glad you're here - as we talk about how to nail it! Every time! No matter what kind of real estate you want to do!
Just you, me and the best real estate guests in the country!
Today.....how to get the best mortgage! Not only the mortgage with the best rate, and best terms...but the absolutely, positively least expensive mortgage you can get! Easy to afford, and easy to pay every month. How's that sound?So let's talk to an expert about how to make that happen! Joining us now is Keith Gumbinger, VP at HSH.com, the nation's leading source for consumer mortgage and finance information! Keith Welcome to Real Estate this Week!
Page 2. Keith Gumbinger -  Interview
Page 3. Keith Gumbinger - Tag
Keith Gumbinger, VP at HSH.com, the nation's leading source for consumer mortgage and finance information!
(Guitar Segue)
Page 4. Beyond the Basics
And now it's time for Beyond the Basics! A special segment on Real Estate this Week in which we bring your real estate knowledge to the next level!
A few minutes ago we talked about some of the best strategies for saving money when you get a mortgage. And one of them? Is shopping around. Going to several different lenders, instead of just one.
So now, let's dive a little deeper into that strategy. And look at WHERE to shop around!
Now sure, an excellent starting point is your bank. The one you already use!  Give them a shot. Because if you have been a customer for a few years, that loyalty could possibly pay off. Some banks offer existing customers a discount on home loans. But some don't. But it's good to find out! And the fact that you're already a customer might make it a good place to start.
Next, definitely look online. You've probably heard that some of the biggest mortgage companies in America, have no physical offices at all, because they're entirely online. Give them a try too, and see what kind of rates and what kind of terms they will offer for you.
And also talk to a local credit union. Either one that you already belong to, or one that will allow you to join. Most credit unions have one big advantage over big national Banks, and online lenders. And that is, they are usually located right in your community. So when you tell a lender there that you're interested in a house just a few blocks off Main Street, chances are they'll know exactly what you're talking about. And that local touch means a lot. Credit unions are investing in their community. And that might mean good news for your mortgage
And now once you've talked to three or four lenders, don't be shy about playing them against each other. If one offers a better rate, ask the others if they can match it. Some banks will compete that way and offer to match, or beat the competition. Other Banks won't, because they don't compete at all. But you need to give it a shot. Because remember, if you can get your rate down even a quarter point? That will save you a TON of money!
Now remember, when I talk about shopping around for a mortgage, I'm recommending you try different types of banks. I'm not saying any certain one is the best for you. Only you can find that out.
But by shopping around you're taking a huge step towards getting the best, and most affordable mortgage for you.
(Closing Guitar)
Page 5. Tease to Next Week's Show & Show Close
Coming up time...did you know that you might be able to get thousands of dollars - maybe tens of thousands of dollars - to help you buy a house, using down payment assistance? It's true! Down Payment Assistance is next, on Real Estate this Week!  And until then, I'm Stephen Gasque....and thank you for listening!