RafMortgage.com - The Right Broker for Construction Loans, Commercial Loans, Home Equity Loans, First Mortage Loans, Seconds, ...

CHOOSING YOUR LENDER
When you buy a home, one of your primary concerns will be finding a lender who can provide the financing you need. So what should you look for? Calling around and asking for interest rate quotes is not the best way to select a lender. Why? Because:

Interest rates change daily, so today's quote may not be available tomorrow.
The lender knows nothing about your situation or needs, so the interest rate they quote may or may not be a program that will fit you.
Often the rates quoted over the phone are not locked prices and the lender just wants to get you in the door. This means that the rates would be subject to change until the day your loan closes instead of being pre-determined for a specified period of time.
You won't know what other programs the lender has to offer you.

Competitive rates are important, but when you consider the fact that most lenders get their money from the same source (and therefore have essentially the same rates to offer), you must look at some other factors before choosing a lender. You need a lender who works with you and your real estate agent as a team with the same goal - to get your loan closed in a timely and professional manner. Some of the questions to ask include:

Are they a mortgage broker? A mortgage broker originates and processes the loan and then submits the completed loan package to the wholesale lender which underwrites and funds the loan. A mortgage broker offers the best opportunity to get your loan approved since they can send the loan to many different lenders. They also offer the widest variety of loan programs.
Do they lock-in their interest rates and for how long?
How long has the company been in business? Lenders come and go. Make sure that the company you are dealing with has been around for a while.
What is their reputation within the community?

As a mortgage broker, RAF Mortgage is a one-stop source for all your financing needs. The professionals at RAF Mortgage have been serving the Central Valley and Bay Area since 1989 and our industry reputation is outstanding. We can lock all our loans for 15, 30, 45 and 60 days or longer.

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