Released on = May 9, 2006, 11:21 am

Press Release Author = Chris France

Industry = Financial

Press Release Summary = Knowing how to shop online for the best Indiana Mortgage
Company can save you a lot of time and headaches.

Press Release Body = Finding the right Indiana mortgage company can be a daunting
task, but Chris France of CFIC Home Mortgage offers tips on navigating through the
confusing maze of banks, mortgage brokers, and mortgage bankers:

Seeing Is Not Believing- Many companies will publish unrealistic Indiana mortgage
rates and closing costs just to make the phone ring. It is important to find out
whether the closing costs published are all closing costs or just the mortgage
broker's fees. If an Indiana mortgage rate advertisement is much better than others
you have received, ask the loan officer for a Good Faith Estimate. You will likely
find it is either not accurate or you are being charged excessive fees to get that
mortgage refinancing rate.

APR Might Not Matter- There are a number of problems with using APR to shop for a
loan. First, since the state of Indiana requires minimal training, the loan officer
might not know how to correctly calculate the APR for a mortgage refinancing or a
second mortgage. Next, the term of the loan impacts the APR. A 30-year fixed-rate
mortgage refinancing, second mortgage, or home purchase loan will have a lower APR
than the exact same loan on a 15- or 20-year term. Finally, the number of days of
prepaid interest on a loan affects the APR. Technically, prepaid interest is not a
closing cost, but rather a "prepaid," and is simply a function of the day within the
month a mortgage refinancing or second mortgage closes, and therefore irrelevant
when comparing loan scenarios.

Daily Comparison- If you are receiving competing Indiana mortgage rate quotes from
a few mortgage companies, it is important that you receive the quotes on the same
day, especially if you are shopping for a conforming or an "Alt A" (an alternative
to a standard conforming) loan. These loan programs' interest rates will vary based
on the daily bond market, so comparing quotes on different days will not likely
reveal which company is offering the best program.

Remember: The lowest cost Indiana Mortgage Company is not always the best.
Ultimately, this guide can help you find a mortgage professional that is
knowledgeable, committed to your situation, and who will be there to answer
questions long after your closing has occurred. For further information, contact
Chris France, Manager, CFIC Home Mortgage, at (800) 943-9472.


Web Site = http://www.americanmortgagefundingcorp.com/indiana_home_loan_mortgage.htm

Contact Details = CFIC Home Mortgage
8435 Keystone Crossing, Suite 180
Indianapolis, IN 46240
Phone: 317-475-0801
Toll Free: 800-943-9472
Fax: 317-536-7932
christopher.france@branch.cfic.com