How to Find the Best Mortgage
Choosing a mortgage is one of the biggest financial decisions that you will make. So, rather than rushing in, it’s important for you to do your homework.
- Understand how much you can afford. Create a budget and figure out how much you want to pay each month and what you need for a down payment.
- Research the different kinds of mortgage loans available to you. There are many factors that go into determining which loan will be right for you and one size does not fit all. Options to consider include conventional loans, HARP 2.0, FHA, and VA.
- Once you have decided on the type of loan that is right for you, shop around a number of lenders as different lenders may charge different prices and have different terms, even for the same kind of loan.
- Don’t forget to negotiate – Mortgage lenders as well as brokers have some discretion when creating an interest rate and fee quote for you. Use this to your advantage by asking for the best terms possible and obtaining competing offers from more than one lender. Compare the same loan amount, loan term and type of loan across lenders. Get these quotes in writing, then start negotiating. Lenders will compete for your business.
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Learn More about the Different Kinds of Home Loans:
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Tim Lucas (NMLS #118763), Contributor/Editor
Tim Lucas is a mortgage writer with over 11 years of experience as a loan originator, processor, and team manager. Get a live rate quote for your home purchase or refinance at MyMortgageInsider. Visit Tim on Google+, Twitter, and Facebook.