Some good news is knocking at the door of prospective homeowners worried about the recent surge in mortgage rates.
The previously booming home- loan industry is undergoing a contraction. In fact, the Mortgage Bankers Association predicts the industry will shrink by 14 percent in 2006. What’s the good news? That means lenders are competing harder to win your business and you can take advantage.
Beyond discounts and extended terms, banks are leveraging their scale to eliminate many of the costs that cause confusion and frustration for homebuyers at closing. Bank of America’s Floyd Robinson says his company offers real savings off closing costs of up to $2,000.
Robinson says they can offer this because they cut internal costs from the process and are passing those savings on to customers. These funds can be critical when applied towards the down payment, moving fees or new home amenities.
Robinson suggests you follow these tips when shopping for a mortgage in this new lending environment:
Check with your bank first-banks may reward your loyalty by offering a relationship discount.
Don’t pay for fees that you know other lenders have eliminated-take advantage of programs like the one offered by Bank of America, which eliminates the origination, application, lender closing, appraisal, flood determination, tax service, credit report and courier fees for existing customers.
Confirm the savings are real-make sure the lender has truly cut costs and isn’t simply rolling them into the overall cost of the loan.
Focus on the annual percentage rate (APR) and not just the interest rate-the APR is what the loan is actually going to cost you and it’s a more accurate comparison of loan offers.
Most of all, remember to always work with a lender that you know and trust; one that will work with you to find the right loan for your individual needs and your monthly budget-now and in the future. The right lender will take the gimmicks, guesswork and surprises out of closing and help make your dream home a reality.
'The attention to detail and professionalism that Troy and his staff brings to our contract drafting process is unmatched. It’s a rare occurrence to find a law firm that cares as much about your legal protection as you do. But, Doucet Gerling is that law firm."
Mr. Doucet and his staff handled two foreclosures and a related matter for me. I found everyone in his office to be professional, effective and responsive. Everything he handled for me got me the results I expected. I highly recommend Doucet Gerling.
As an attorney and former client of Doucet Gerling, I was very impressed with the representation of Troy Doucet and his firm. I would recommend him to all who face difficulty in saving their home or getting cooperation with their mortgage companies.
If you need legal assistance regarding foreclosure, I urge you to consider putting your complete trust in Doucet Gerling. They will employ their vast knowledge and expertise on your behalf and work to attain a great outcome for your individual needs and situation.
"Troy Doucet is one of the most gifted attorneys that we have ever had the pleasure of dealing with. He treated us with kindness and generosity. We were most impressed with his integrity and high sense of duty to us. If you are looking for an attorney to get the job done we highly recommend Troy Doucet. Our family can never thank him enough for getting our foreclosure problem solved."
My company has worked with multiple law firms in the past, but none have come close to matching the quality we are seeing from Doucet & Associates. If you want an attorney who has a deep understanding of both the legal system AND business, hire them – you won’t be disappointed.
"Mr. Doucet worked wonders in my case. He stood up for me when I felt overwhelmed and helpless and kept my credit rating and future intact. Thanks you so much for helping me and my family."
"My family and I would like to send a thank you with sincere gratitude for all the time, hard work, and long hours set a side daily to represent and speak on our behalf during a very challenging time in our life. Our success is a reflect of your commitment. Thank you Troy Doucet & law firm."