Shopping for A Mortgage? Do Your Homework First
If you happen to be shopping around for a mortgage, it is very
important that you first take the necessary time to do your
When I say homework, I am talking about research. There are so
many loan programs out there that it is easy to get lost in all
of the mortgage jargon that people in the industry love to use on
you. Not to mention of all of the paperwork.
By the time you get to the table, you will have a mound of
paperwork approximately six inches high filled with words and
terms that most people in the business don't even understand.
The mortgage industry is filled with all kinds of pitfalls
that you can find yourself sitting in. This is why taking your
time and doing research is key to purchasing a home. Research can
literally save you thousands of dollars in closing costs and
interest charges. So don't rush into it!
For starters you will want to contact a realtor and a
When choosing a realtor, ask a family member or friends to
refer one to you, one they know well and can be trusted. Or
better yet, one they have used personally.
There are many ways to choose a lender, but for starters, here
are just a few ideas to get you started.
The traditional way would be to walk into your neighborhood
bank and speak with a loan officer. If you don't like that idea,
you might consider filling out an on-line application, and let
the lenders choose you. Or you could contact a broker.
A broker will evaluate your situation for you, and then shop
around for a lender with the best program or rate, or both.
Remember, just because you have a realtor and a loan officer
doesn't mean you should stop doing your research. At this point
in the game, you should be doing even more research. This way you
will have an understanding as to what your realtor and loan
officer are talking about when they start speaking their
You will also want to find out what your credit score is. Most
likely your loan officer will do this for you. Your credit
history plays a large role in the loan approval process, and it
will also affect your interest rate.
If you already know that your credit is a little bit
challenged, than you might want to start out using a broker. Most
brokers work with about two hundred lenders, so they would be
your best bet as far as finding a bank that deals with challenged
When you are purchasing a home, you will hear things such as
debt to income, appraisal, and loan to value. I'm sure you may
have heard these terms in the past, but do you know what they
mean, I mean, do you really know what they mean? Inside and
I cannot stress enough the importance of doing research before
buying a home. It is such a vital component when it comes to
saving money. Use the internet, use the library, and most of all,
use your realtor and loan officer. Ask them as many questions as
you possibly can, learn from them, after all, you are paying
Your home will most likely be the largest financial
transaction you will ever make, so when you come to making your
decision, make sure it is an educated one. Good luck!
This article may be reproduced by anyone at any time, as long
as the authors name and reference links are kept in tact and
Jay Conners has more than fifteen years of experience in the
banking and Mortgage Industry, He is the owner of http://www.jconners.com, a mortgage
resource site, he is also the owner of http://www.callprospect.com, a
mortgage lead company.
MORE RESOURCES updated Tue. October / 16 / 2018
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