You will find numerous products when you
are shopping for a mortgage. Some are geared towards first-time home buyers
while others focus on people shopping in specific areas or with certain terms
in mind. It can be overwhelming to try to decide which product is the best one
for you.
It Starts with the Lender
Before making any decisions about the loan
product, you should decide on the lender. You will receive a lot of advice in
this area from family and friends who have the perfect recommendation. How do
you determine if the person they recommend is right for you?
First, remember that they have been through
this and now own a home. (If they don't, beware of their advice.) You must also
realize that the person that was right for them may not be right for you. Personalities
and needs differ, and you must find someone you feel comfortable working with.
Do your research about any lender you
consider. Find out how much experience he or she has and if the lender has any
complaints against them.
Review All Terms
Once you have a couple of lenders that you
like, compare products and terms. Don't just look at the interest rate or even
the APR. Compare closing costs and other factors that will determine how much
you will pay for your loan.
Contact the lender and see how you like
this person. Ask if the stated rate is the best he or she can give you. You may
be surprised at how much you can negotiate. After all, it never hurts to ask.
Once you have narrowed down your choices,
make a decision. If you are still unsure, then you have not really come to a
decision. You either need to find more options or you to need to figure out why
you are hesitating.
Don't forget to include your realtor in the
process of finding a lender, particularly if you have any special issues or are
looking for a specific loan. A realtor will have the inside scoop on many
lenders in your city or county and will be able to provide valuable insight on
how is good to work with.
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