Shopping for a mortgage loan can be an intimidating process for many homeowners. There are so many different types of mortgage products to choose from your head can spin. If you take the time to research mortgages and choose the best loan offer you can save yourself time, money, and aggravation. Here are several tips to help you find he best mortgage.
All good mortgage offers have one thing in common: a great interest rate. Beyond the interest rate there are a number of factors that can quickly turn a good mortgage offer into a raw deal. When shopping for a mortgage loan you need to compare all aspects of the loan offers, not just the interest rate. Lender fees, points, and prepayment penalties can all quickly turn a good mortgage deal pear shaped.
Many homeowners make the mistake of only comparing interest rates or the Annual Percentage Rate when shopping for a new mortgage. Annual Percentage Rate is a good starting point; however, it does not give you the big picture of all the expenses you will incur with any given mortgage offer. To get the full picture you need to use the Good Faith Estimate when making your loan comparisons.
Before you sign the loan contract, pay close attention to all the fine print and reconcile charges against those listed on the Good Faith Estimate. If you find changes on the contract you will need to ask your lender why that fee has changed. If the mortgage offer you are considering includes a prepayment penalty, negotiate with your lender to have this penalty removed. If you have good credit there is no reason to accept a mortgage offer that includes this penalty. You can learn more about your mortgage options, including common homeowner mistakes to avoid by registering for a free mortgage guidebook.
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Louie Latour specializes in showing homeowners how to avoid common mortgage mistakes and predatory lenders. For a free copy of “Mortgage Refinancing: What You Need to Know, " which teaches strategies to find the best mortgage and save thousands of dollars in the process, visit .
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