5 Tips to Finding a Great Mortgage



Finding the right mortgage can be difficult.

So, we wanted to share 5 Tips our customers wish they would have known before they began the process. Our hope is that they will help you find the best mortgage without being taken for a ride – even if you don’t take advantage of the services Jammony has to offer.


TIP 1: Review your needs and set goals.

Once you start shopping it's very easy to get caught up in sales pitches and suggestions. To help navigate the barrage of information, sit down first and set goals that will help ensure you end up with a loan that meets your needs.


TIP 2: Don't give your information to anyone who offers to "put you in touch" with multiple lenders.

As more and more people go online to research the mortgage process, a new industry has been born. In the mortgage world, these companies are called "lead generation" companies. While their advertisements and web pages may appear appealing with the promise of lenders "competing for your business", their purpose is to entice you to enter your name and information so they can sell it. The problem then comes when you are SPAM'ed and tele-marketed by sometimes more than 15-20 lenders who purchased your information.

Instead of falling prey to these companies, find companies who have a phone number, will not sell your information, and can provide you directly with a written guaranteed quote(s).


TIP 3: Compare multiple mortgage quotes and terms in an apple-to-apples format.

Comparing mortgage quotes can be difficult because of the many moving parts involved. In order to make an accurate comparison and identify which quote is the best you need to follow these important rules:

  1. Only compare mortgage quotes that were prepared on the same day. Mortgage rates and closing costs are very closely related and the market can change many times a day. If you try and compare mortgage quotes that were received on different days, there is a very good chance you could pick an option that is not in your best interest.

  2. Only compare mortgage quotes that have the same interest rate, loan amount, and term. One way to find the cheapest mortgage option when comparing mortgage quotes is to make sure that each quote is using the same loan amount, interest rate, and term. The lowest cost option will be the quote with the lowest total closing costs.

  3. Only compare mortgage quotes that have every lender and 3rd party fee in writing. When comparing closing costs between mortgage quotes, make sure that you are comparing fully-loaded quotes with all lender fees. Be very careful during this process because many lenders use different definitions when describing their fees. Getting mortgage quotes in writing will help ensure your comparison is apples - to - apples.

TIP 4: Take your time and ask questions.

A recent national survey of over 1,400 borrowers performed by Harris Interactive stated that over 90% of people prefer to use the lowest cost lender but less than 30% actually get more than one quote.

While it does take a little effort, spending an extra day or two educating yourself on your options could be one of the best financial decisions of your life. If nothing else, it will help provide peace of mind and ensure you and your home are secure for many years to come.


TIP 5: Don't be afraid to hold your lender accountable.

The process of buying or refinancing a home is emotional and complex. This often results in borrowers frequently ignoring concerns or changes that come up during the process. Remember the old saying "There are no stupid questions?" Practice that advice! If you don't like the answers do not be afraid to get a second opinion. Mortgages are not a game - they represent a very serious financial obligation that can impact you for a long time to come. Don't be hasty or proceed unless you understand and agree with the terms.




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about-us

Jammony believes the mortgage industry and loan origination processes are fundamentally broken - causing unnecessary headache and heartache for millions of borrowers every year. Jammony's vision is to change the industry by doing three things. First, Jammony is committed to providing borrowers with tools and technology which allow them to learn about, shop for, and compare mortgage quotes online in a non-threatening environment. Second, after choosing the quote which best meets their needs, Jammony performs an audit of the loan disclosures and final documents to ensure that what was expected is what is delivered. Lastly, Jammony works diligently to ensure their services never conflict with the best interests of their customers.