Seek mortgage advice from experienced lenders only.
You have many options when obtaining a mortgage loan. During the shopping process, consider these tips:
1. Know what you can afford. Before you begin looking a mortgage loan options, determine a realistic estimation of what is a manageable loan amount in your budget. Consider your income, down payment capability and monthly debts when calculating what you can afford.
2. Always shop around. You may be surprised at the disparity in rates and quotes you receive. Get at least three quotes for comparison purposes. The more you shop, the more you learn, and knowledge is power.
3. Understand loan prices and fees. When obtaining a quote from a lender, be sure to understand what fees are included or omitted from the quote. Make sure that all quotes you have collected from different lenders are for the same product, in order to get a true apples to apples comparison.
4. Get advice from a trusted source. Consider referrals and the loan volume of your mortgage advisers. You want information from someone you trust, who has a lot of experience and understands the industry as it changes.
5. Always look into a company's BBB rating. Your lender's reputation is usually your best indicator of how your experience will be during the loan process. Check out recent client testimonials and ask around about how smooth and timely other transactions have been.
As always, don't be pressured into making a quick decision. Take your time to consider the options and you'll be more likely to make the right choice.
--
