Home loans applications have remained steady as the Kansas real estate market continues to grow. While the rest of the country saw a boom in housing prices, home values remained flat since 2001 as the state economy dealt with layoffs in the aerospace industry. But since 2005 companies like Boeing, Onex, and Spirit Aviation have been hiring and heating up the local real estate market. While Kansas may not be looking at a burst in the housing market, it’s still important to be choosy with your mortgage loan. Watch out for these signs of a less than honest mortgage lender.
1. Boastful Claims About Mortgage Rates
Mortgage companies may boast that they have the lowest rates on mortgage
loans, but quoted numbers may tell a different story. When comparing offers
from different lenders, ask about the APR, which also includes loan fees. Also, take the time to look at a number of different mortgage lenders. It is only by comparing the numbers of a multitude of loan offers can you truly determine who has the best offer for you.
2. Pressure To Sign Your Mortgage Contract Now
Mortgage rates can change on an hourly basis, but you shouldn’t let a lender pressure you to sign a loan contract that you aren’t sure of. Take the time to look at different mortgage companies and their offers. And remember even after you have signed a home loan contract, under Federal law you still have three days to back out of the deal.
3. Realtors And Lenders Working Together
Beware of real estate agents pressuring you to work with a particular lender. Often lenders give realtors incentives for each referral they receive. Instead of relying on these suggested mortgage lenders, research a number of mortgage lenders and compare their quoted rates and fees.