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Get a Mortgage in Your Pajamas

-- Posted: July 31,2007 | Brad Levinton

Time used to be that in order to get a home mortgage, you had to hop in the car and head down to your local banker and put together your best deal. These days, you can shop for a home mortgage at home in your pajamas over the telephone and email. While some still long for the close personal relationships with their bankers, most are just too busy to take the time. Here's how you can find a mortgage dressed in pajamas and get a better deal than leaving your home dressed to the nines.

First get a referral from your Realtor® and ask friends and family if they know the company. Do you homework; make sure they are a credible lending source and have a good history to back them up. Check them out with the Better Business Bureau and then check them out on the State's website. All mortgage bankers and brokers who are actively lending must be registered with the State of Texas.

Next, when you've completed your homework and verified the company's credibility, call and speak with the loan officer as if you were hiring them for a job. Some sample questions might be:

• What kind of interest rate can I expect?
• Is this an adjustable or fixed rate mortgage?
• Will I be charged points?
• What are the closing costs and fees associated with this loan?
• What documentation do you require?
• Can I pay off the loan early?
• How long will it take to close the loan?
• What might delay the process?

The answers to your questions should give you a good feeling about his / her credibility. If they make it past the interview process and leave you nothing short of impressed, then and only then, complete their application, whether it's in house or online. Most lenders can have you approved in 24 hours or less and offer you all available options.

Many times, you could even do all of this in your pajama's at home. Bankers and brokers will 'shop' your loan to all their available investors to find you the best rate and terms. Once you have a loan you feel comfortable with, you should always request a Good Faith Estimate that will break down the costs associated with your loan. In most cases, your paperwork could even be emailed to you - then, all that's left for you to do is sign your documents, and either email them or mail them back to your lender.

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