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Author: don

Know Where You Rate When It Comes To Rates.

Getting the lowest rate possible for your situation is important. But finding the best rate on your own, or worse, relying on a single loan provider for rate information, won’t always get you the full story or the best rate.

Before you ask the rate question, it’s important to know what type of loan you need and your credit score. Different loans will offer different rates and credit scores have an impact on rates, too. Instead of asking what the current mortgage rates are, ask for specifics.

For example, “I have a credit score above 700, and I want a $300,000, 30-year, fixed-rate, conventional loan, and I have 20% saved for a down payment. What are your rates today?”

Knowing your credit score and specific loan needs anre only half the battle.

Interest rates fluctuate daily, so you’d need to get an accurate comparison. you’d have to get the mortgage rate quotes all on the same day.

Using a mortgage broker who can do the comparison shopping for you with a variety of lenders saves you time. The mortgage broker will even help you identify which loan or loan options best fit your particular situation. The broker can find apples-to-apples loan products and mortgage rates so you don’t have to do the legwork yourself with multiple lenders.

Why Did We Change Our Name?

Earlier this year, we changed our name to American Mortgage Brokers from a name we’ve had for over a decade – Granite Mortgage Company.

The main reason for changing our name to American Mortgage Brokers, is because we are, in fact, a mortgage broker. A mortgage broker is significantly different than a bank or conventional lender and we felt that it was important for this to be reflected in our name.

So why is being a broker significant? Easy answer. As a mortgage broker, we match you with a loan and a lender that best fits your particular situation. We review your financial information and look over an wide variety of lenders to match you with one who will give you the best rate and terms. Simply put, as a broker we can offer you more choices to better fit your needs.

We always liked the “Granite” part of our name. We felt it projected a solid and substantial image. But we didn’t want our new name to be too similar, thus potentially confusing. We figured that since we’re in the business of helping people finance their “American” dreams, American was a good choice to round off our new moniker.

Along with the new name comes a new website, americanmortgagebrokers.com, and a new email address. Beyond that, we’re the same hard-working team that’ll help you find the right mortgage fit for you. We look forward to working with you.

Experience Matters.

A lot can go into finding a mortgage that’s the right fit for you so, before you go with a lender because your brother-in-law’s car mechanic said his buddy got a good deal from XYZ Mortgage Company, you might want to do a little homework on your own.

And here’s a great place to start.

Ask what kind of experience the mortgage broker has.

This is an especially important question if you’re a first-time home buyer or if you’re refinancing. Getting a mortgage is not a walk in the part and it’s good to have someone in your corner to guide you through the process.

Here are a five important considerations and questions to ask.

  1. Are they easy to get a hold of?
  2. Do they answer requests in a timely manner?
  3. Do they provide honest, straightforward answers?
  4. Do they communicate the way you do – phone, email, text, etc.?
  5. Are they experienced? Be sure to ask for references.

There is certainly more that goes into the decision-making process, but if the mortgage broker doesn’t pass the experience test, move to the next one on the list – regardless of what your pet groomer’s brother might say.

Five Home-Buying Myth Busters

The truth is, buying a home and getting a mortgage is easier and faster than you might think. Here are five popular myths and the real truth about home buying.

Myth: It will take a lot of time.
Truth: A good mortgage broker can take your application and give you a pre-approval letter in minutes!

Myth: I have to dig up tons of paperwork.
Truth: These days much of the verification process, like collecting pay stubs, bank statements, and tax info can be done automatically by your mortgage broker and lender.

Myth: I need a 20% down payment.
Truth: You can get a mortgage for as little as 1% down and still have a low monthly payment.

Myth: A bank is the best place to get a mortgage.
Truth: Banks don’t offer choices. A local independent mortgage broker can help find the best options and rates.

Myth: I need to be “settled down” first.
Truth: Even with a low down payment, monthly mortgage payments are often lower than rent prices. Plus, when you’re buying a home, you’re paying yourself, not a landlord.

Why Are Barns Red?

Ever wonder why old barns are usually red in color? Red is (or, perhaps, was) a popular color for barns due not to its color shade but for its usefulness.

Many years ago, choices for paints, sealers and other building materials did not exist. Farmers had to be resourceful in finding or making a paint that would protect and seal the wood on their barns. Hundreds of years ago, many farmers would seal their barns with linseed oil, which is an orange-colored oil derived from the seeds of the flax plant. To this oil, they would add a variety of things, most often milk and lime, but also ferrous oxide, or rust. Rust was plentiful on farms and because it killed fungi and mosses that might grow on barns, and it was very effective as a sealant. It turned the mixture red in color.

When paint became more available, many people chose red paint for their barns in honor of tradition.

Source: http://farmersalmanac.com