Customize Your Rate
How To Shop For The Best Mortgage
Mortgage rates and costs can change quickly. If you are comparing offers from multiple lenders it should be done on the same day. For example, if you are shopping mortgage rates and have a quote for a 30 year fixed at 4.25%, only compare it to other 30 year fixed quotes at 4.25%.
Next, compare the total of all points and lender fees for each mortgage.
Make sure you will not be tossed around like a volleyball from one department to another during the loan process. That is where loans that initially appeared to be good turn bad.
3 Easy tips to follow:
1. Determine your goals
What is most important to you? Lower payment? Paying off the loan faster? Debt consolidation? Depending on your needs there are different loans types you may qualify for.
2. Compare apples to apples
Don’t compare one lender’s debt-consolidation loan to another lender’s reduced-term loans. Each loan type has its own parameters.
3. Make sure you are well informed
Every lender should get the same information. To get the best advice, details matter. If somebody gives you a quote without asking detailed questions, that should be a red flag.
3 Important Questions:
Am I getting the best loan?
Make sure you get a Loan Estimate. This federally regulated form is designed to help you compare numbers from different lenders. Breeze Funding shops your loan against our competitors every single time to make sure you are getting the best deal we can offer.
Am I working with the best loan officer?
All of Breeze Funding’s loan officers are fully licensed, not just registered. That means in addition to rigorous background checks, our loan officers have undergone extensive education and testing to make sure they are your expert advocate.
Am I working with a company that cares?
Breeze Funding dedicates a close knit team to every single loan. We won’t let your loan fall through the cracks. Your loan officer remains intimately involved every step of the way. You are going to love having us work for you!
What to Watch Out For
Misleading Low Estimates
Loan Estimates are just estimates. Unfortunately, some lenders may give you a low ball estimate, and then after you have paid for your appraisal, inform you that the mortgage rate or closing cost have gone up. Look for lenders that guarantee their closing costs up front.
Paying points and Fees
Paying points and fees will result in lower mortgage rates. For example, at 6% you may have zero points and fees, while at 5% you may have points and fees of $4000. To get the best mortgage rates, you must estimate how long you will have the mortgage. Also, make sure you are comparing current mortgage rates when doing your comparison.
No/Zero Closing Cost Loans
There is nothing wrong with No/Zero Closing Cost Loans. Just be aware that you will be looking at higher mortgage rates in exchange or if you are refinancing, the closing costs could be included in your principal.
Which Loan is Best for Me?
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VA LOANS
Great loans for borrowers who have veteran benefit eligibility or enlisted active duty military who have been activated at least 90 days. No downpayment is required, low rates, and no monthly mortgage insurance.
See if your service qualifies you:
Check VA Eligibility -
VA IRRRL
Also known as a streamline VA loan, VA IRRRL loans are perfect for borrowers with existing VA loans who are looking for better terms, lower rates, and minimal documentation requirements. No appraisals required.
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CONVENTIONAL
These standard loans are great for borrowers with plenty of equity, low debt to income ratios and good credit.
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FHA LOANS
FHA loans are great for borrowers who desire low downpayment options. FHA only requires 3.5% down. Also great for borrowers with higher debt to income ratios or bruised credit.
For more information:
FHA LOANS -
HARP LOANS
Best for homeowners with loans that are underwater or who are short on equity.
This program is set to expire soon, so click here to see if you are qualified:
Check Harp Eligibility -
FHA STREAMLINE
Great for borrowers with an existing FHA loan looking to lower their payments with minimal documentation
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REVERSE LOANS
Reverse mortgages, also known as HECM loans, are mortgages guaranteed by the federal government. These equity based loans are only available to homeowners over the age of 62 and allow for homeowners to live the rest of their lives without a mortgage payment.
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JUMBO LOANS
Jumbo loans are great for borrowers who owe more than $424,000 or more than $636,500 in high cost counties. These portfolio based loans offer borrowers a wide array of products for maximum flexibility.