Mortgage And Lender FAQ

Mortgage And Lender FAQ

Common Questions and Answers About Mortgages and Lenders

Where can I find out more about a lender?

We have several suggestions:

  • Check with the mortgage lender licensingdepartment of the state where the lenderӳ business is operating. Just about every state requires mortgage lenders to register for a license. Most states provide an online mortgage license lookup service on their official web sites. If not, you can usually contact the licensing office by telephone.
  • Most lenders have their own web site that provides, at a minimum, some basic information about the mortgage company. CityTownInfo is in the process of developing a list of lender web sites ֠check back with us soon.
  • Try contacting the Better Business Bureau and/or Chamber of Commerce in the area where the lenders office is located.
  • Look for information about the lender on a web site such as Zoominfo that specializes in company information.
  • For larger mortgage lenders, you may be able to get news about the company through one of several services. We recommend searching on the companyӳ name using Google News.

How do I learn about lender licensing or certification?

Most states require mortgage companies to obtain a license to conduct business within its borders. In addition, many states provide public access to this information. We have compiled a list of states with mortgage license lookup available to the public.

How do I get a competitive loan interest rate?

Similar to purchasing any item, the best way to get a good rate is to shop around, while keeping in mind that there are other attributes to a mortgage loan than just the interest rate. CityTownInfo helps you find the best mortgage for you by offering a multiple rate quote service (just fill out the form in the left column). Thousands of mortgage shoppers have used this service to help them find the right lender for them.

How do I go about looking for a mortgage and a lender?

WeӶe prepared a complete article on how to shop for a mortgage, including how to prepare for the process, things to watch out for, what type of mortgage might suit your needs and more.

How much of a loan can I afford?

There are several factors that go into determining how much debt you should take on when buying a home. Please read our full article on how much house you can afford on our web site.

How do ARM (adjustable rate) loans work?

An adjustable rate mortgage is one that starts out at one interest rate (usually a lower rate than a fixed rate loan) but adjusts (often increases) after a certain period of time. Read our complete article on ARMs.

Subprime, Alt-A, Interest-Only... what do these terms mean?

Check out our mortgage glossary or, for more detail, our articles on these topics:

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