Mortgage interest rates are
based off of the prime rate (the amount the Federal Reserve charges to
banks). For this reason, you're probably not going to find a huge difference
in the rate you'll pay from one lender to another (though some lenders
will try to hide this fact by publishing a lower interest rate and then
charging discount points to make up for it). You may find a slight variation
in the loan origination fee charged by each lender, but it probably won't
be enough to sway you from one lender to another. So what considerations
are important in choosing a lender?
Ultimately, it comes down to
your convenience. If you have a solid credit rating, a good mortgage loan
officer should be able to tell you, within minutes, what documents you
need to turn over to him/her for processing and have you approved for
a loan within a couple of hours of receiving your application.
So your primary questions for
a potential lender are
- Do you have a comprehensive
selection of loan packages? and
- Can you provide quick, efficient
With those criteria in mind,
we would strongly encourage you to consider Tucker Mortgage. Each of Tucker's
metropolitan Indianapolis sales offices houses a loan officer from Tucker
Mortgage. They have a full range of loan packages available, and their
automated approval system can usually provide an answer for you within
an hour. And since they're located in your REALTOR®'s office, you
don't have to make any extra stops.
on "Buying Your First Home"