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Short Answer: It saves you a lot of money According to a recent research from Freddie Mac, the average borrower could save $1,500 just by getting one extra rate quote when applying for their mortgage. With five quotes, they could save $3,000 or more. Wow, so I should really do it. But how exactly should I do mortgage shopping? Preparation: Estimate your mortgage rate There is an old Chinese saying from The Art of War that “If you know your enemies and know yourself, you will not be imperiled in a hundred battles.” That’s exactly why this step matters. Having a rough idea of what interest rate you can expect is crucial for you to play well in this game. There are many factors that determined your interest rates including base rate (update daily), loan amount, location, LTV (loan to value ratio), credit score, house type (single family vs condo) etc. So to help yourself estimate, you can talk to your friends who have done mortgage recently and ask about their rates and how they get them. There are also some anonymous mortgage reporting site (such as rate.exposed) to get more data point. Keep in mind the best way to estimate your rates is comparing with people with similar cases. Now, let’s pick up the phone and start dialing You can follow the steps here: Call 5 lenders, ask them to quote and write the numbers down Find the best quote from the 5 lenders, let’s call it lender A Call the rest 4 lenders again asking them to match (or even beat) the quote from lender A. If you get a quote better than lender A, go back to step 2 and step 3 to call the rest to match Until the number can’t go lower and the rate is within your expectation. Extra Tip 1: Ask for special program Different lenders have different promotional program. For example, Wells Fargo has relationship discount where for every $250k asset you move to WF bank account, you get your rate reduced by 0.125%. You might just save yourself $10k but just a simple ask Extra Tip 2: Credit Hard Pull Many people are worried about hurting the credit scores by having too many lenders hard pull your credits. In fact, if you do them within a short period of time, multiple credit inquiries will combine to count as only one. Also, if you know your credit score in advance, you can simply just ask them not to pull and tell the lender the number. That should be more than enough for lenders to come up with a quote for you. Extra Tip 3: Pay attention to fees Some lenders do the trick to lower your interest by increasing some less obvious fees including closing costs, points, etc. So whenever you get a mortgage quote, always look at the full picture before making any decision.
Hello my name is David Malan i need quick cash car title loan can anyone please suggest me the lender name and number so can i get the loan. Thanks David
your Age? 43 Your Equifax Credit Score? FICO 8...718 Your Experian Credit Score? FICO 8....713 Your TransUnion Credit Score? FICO 8....715 How many years have you been on file with Equifax? 18 How many years have you been on file with Experian? 18 How many years have you been on file with TransUnion? 18 YOUR PREVIOUS AUTOMOTIVE CREDIT HISTORY Do you have an open auto loan? NO Will this open auto loan be a trade-in? Yes ( Car is paid off, Blue Book is between 9k to 11k, hope to get maybe 4k???) How many late pays within the last 12 months on the currently open loan? ZERO How many late pays within the last 13-24 months on the currently open loan? zero Your current open auto loan is financed with? Your current open auto loan payment is? Estimated amount you may be upside down in this vehicle? N/A Rate your payment history on this open auto loan from 1-10 (1=poor:10=Best) 10 YOUR REVOLVING CREDIT HISTORY Total number of revolving account(s) you have? 9 Total percentage utilized overall? 38% How many of your revolving accounts are store cards? 1 How many of your revolving accounts are major credit cards? (i.e. Amex, MC, Visa) 8 How many of your revolving accounts are known subprime credit cards 0 YOUR PERSONAL INFORMATION How long at your current residence? 3 years Do you Rent or have a Mortgage, or Live w/Relative or Other? RENT Your Monthly Rent or Mortgage payment? $950 How long have you held your current job? 20 YEARS Your total provable monthly gross income is? 7270 Your provable monthly gross income is provable via what method? (i.e. computerized paycheck stub, or tax return) Paystub Is there additional monthly income? What amount monthly? No Describe the source. Is the additional monthly income provable? Spousal income is not applicable. YOUR DOWNPAYMENT Please tell me your exact down payment in cash? (rebates and trade equity are not considered, please input a dollar value only.) 8000 Does any credit repository contain any Public Record? NO If yes, please very briefly describe. Does any credit repository contain any Collection Account(s)? NO If yes, please very briefly describe. Please rate your overall creditworthiness on a scale of 1-10 (1=poor, 10= best) 10 Please rate your Installment credit history on a scale of 1-10 (1=poor, 10=best) 10 Please rate your Revolving credit history on a scale of 1-10 (1=poor, 10=best) 9 ONE 30 DAY LATE ON CC, ABOUT 3 YRS AGO. Looking to purchase 2019 Audi Q7, between 63k to 67K....never purchased this kind of expensive verihcle, previous loan financed was 28K..will that be an issue? I have two paid off Auto Loans on my CC report for 28k and for 22k. thanks MARV Looking to purchase