Look at loan programs and rates offered by several different lenders. If you
find a lender that offers a 6.25 percent rate when all the others charge more,
you'll save in interest over the life of a 30-year loan.
Comparison-shop online to cut your search time drastically. Work with a mortgage
broker who arranges loans from many different institutions. Choosing a mortgage
can take weeks if you contact several lenders yourself.
Be sure to compare loans thoroughly:
Compare at least 6 lenders or mortgage brokers. One of them
is bound to offer the loan that's best for you.
It not all about interest rates. Getting a low rate is important,
but you won't benefit from it if you have to pay too many up-front
points and other fees.
Understand how points and rates work. A point is prepaid interest,
and each point you pay equals one percent of your loan amount.
If you get a $100,000 loan and pay 3 points, that's $3,000
in points. The more points you pay, the lower the rate you'll
get.
How long will you keep the loan. If you're going to move in
a few years, consider an adjustable-rate mortgage since you
may be able to sell the house before the rate gets too high.
If you plan to stay longer, a fixed-rate mortgage may be an
attractive option because your rate stays fixed for the term
of the loan.
GET
A LOAN - CLICK HERE
|
