Mortgage Nerd - Mortgage Companies

Mortgage Companies - Friend Or Foe?

Choose mortgage companies wisely

The Mortgage Nerd knows his mortgage companies. This is not entirely surprising, since he's a nerd with his own website about mortgages. If the geek didn't know his stuff, that wouldn't make for a very successful site. Chances are that you, on the other hand, wouldn't know an American mortgage from a hole in your head. That's why the Nerd is here - to educate you on mortgage companies. Take advantage of what he has to offer. Heed his words. Share his love. In return, perhaps you can offer to teach him something he doesn't know much about (picking up girls, doing keg stands, shooting free throws, or petting a puppy. Arf!).

Or not. Either way, check out mortgagenerd.com for the most updated and comprehensive information on mortgage companies and all other aspects of your geeky home mortgage.

What you need to know about mortgage companies

If the Mortgage Nerd can stress anything, it's that mortgage companies can be used to your advantage or they can take advantage of you. As much as they provide integral services, mortgage companies are cash-and-carry enterprises just like everyone else. Use the Nerd's site to build your knowledge base before consulting with mortgage companies and you'll be thankful. Our Related Resources will give you a more thorough analysis of what to expect, but here are a few things to consider:

Closing costs and fees charged by mortgage companies are often overlooked by eager home buyers. These amounts may be substantial and will influence the total cost of your home.
Adjustable-rate and fixed-rate mortgage loans vary greatly. Find out more about both types of loans and decide which you think is most appropriate for you before letting the mortgage companies decide for you.
The smallest change in mortgage rates could mean tens of thousands of savings for you, so if you can negotiate even a fraction of a percentage point from your lender, that could be a huge factor in your decision.
Choosing between a 15- and 30-year mortgage is another important decision. Essentially it comes down to higher monthly payments versus lower interest. What can you afford?

Be sure you have pondered these and other questions before continuing with this process. If you have any questions, contact the Nerd as soon as possible. He is standing by to assist you. It's not like he has much else going on. He sits up late at night under his Empire Strikes Back pajamas (or pyjamas as PG Wodehouse called them) thinking about mortgage companies and Julie Newmar.

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