| Buying a home usually means taking a home loan or | | | | Find out about: annual percentage rate; points, or fees |
| mortgage. As a person who is in control of their | | | | payable to lender or broker being currently applied; loan |
| finances you need to compare all the options as well | | | | origination or underwriting fees, broker fees, transaction |
| as costs involved in obtaining a mortgage. You could | | | | settlement, as well as closing costs. Once you have |
| save thousands of dollars just by undertaking intelligent | | | | the facts and figures, negotiate with the lender for the |
| comparison shopping and negotiations. | | | | "best rate." |
| The first step is to detail all costs. The next is to obtain | | | | On any given day, several borrowers with similar |
| information from several lenders, thrift institutions, | | | | profiles will get varying rates from the same loan |
| banks, mortgage companies, as well as credit unions. If | | | | officer. So, ask the officer to write down all applicable |
| need be, hire a mortgage broker who will complete all | | | | components of your loan. Once this is done request |
| the details for you. Since they work in the field they | | | | for waivers and reductions. Be sure to take |
| have at their finger tips lots of information on loans, | | | | competitive quotes from more than one institution. |
| terms, as well as rates. It is important for you to have | | | | Once you reach an agreement ask for a written lock |
| a contractual agreement with the broker. | | | | in from the broker. Agree to pay the requisite fee for |
| To find the best rate you must gather a compilation of | | | | locking the loan rate. |
| current mortgage interest rates. Be sure to list the | | | | The golden keys to getting the best rate are shop, |
| lowest and highest rates. Check on fixed rates and | | | | compare, and negotiate hard and cleverly. |
| adjustable rates as well as the predicted market trend. | | | | |