If you are looking for a housing loan in Ogden, Utah, it is best to know what to do to get approval. There are lots of important things that you need to know when it comes to mortgage loans. To help you, here is a simple yet practical guide for your home loan.
According to the Utah Department of Financial Institutions (DFI), more than a thousand businesses confirmed that they are into brokering and mortgage lending in the state. By doing some simple research and study about the services, fees and rates of other companies, you can save some money by choosing the right company which will give you a competitive rate and fee.
While you check around to check on comparative rates and fees, it is better to know if there is a penalty for prepayment. You may also want to consider getting a lock-in rate loan, so your interest rate will not change during the lock-in period. It short, whether the rates in the market go up and down, you can be assured that you will not be affected at all. You just to be very careful in deciding on this and make sure that you have a written agreement about the lock details.
Get an estimate of the mortgage loan costs through the GFE as soon as you apply for it. You have the right to have one because mortgage loan companies are required to make it available for you according to federal law. Bring it with you to the closing of your loan and compare it with the actual fees. If you think that there's a big difference, then do not sign the papers yet until it is resolved. You may not be a financial kind of person, but it pays to be aware of your rights and understand the process before you make a decision.