Mortgage Basics: Information for First Time Home Buyers

How do I shop for a mortgage loan?

Mortgage packages vary widely, and it is important to investigate several options to find the one best for you. Using a mortgage broker simplifies the process, otherwise you will need to do the research yourself. This includes:

• Checking real estate or business newspaper sections, which may include brief tables on mortgage availability.
• Looking in the Yellow Pages under Mortgages for a list of mortgage lenders in your area and calling as many lenders as possible for rates and terms on the type of mortgage you want. That means you will also need to research all of your available options to ensure you are choosing the best mortgage type for your unique situation.
• Considering the use of a commercial computerized mortgage shopping service, although such a list may reflect only a selection of lenders and you may be charged a fee.
• Comparing the mortgages offered by several lenders before you apply for a loan. Most lenders require you to pay a fee when you file your loan application. The amount of this fee varies, but it can be $100 to $300. Some lenders do not refund this fee if you are not approved for the loan, or if you decide not to accept the loan terms offered. Before you apply, ask the lender whether they charge an application fee, how much it is, and under what circumstances and to what extent it is refundable. Submit an online application for a mortgage loan for FREE and with NO OBLIGATION to accept a mortgage loan we offer.