| Credit Rating | | | | the mortgage process can be very valuable. A |
| Your personal credit score has a lot to do with what | | | | professional can help steer you in a way you might not |
| rate you will be able to secure for a home mortgage. | | | | have even known existed. |
| | | | Deal or No Deal |
| Type of Mortgage | | | | After you've found what appears to be the best deal, |
| The second most important factor in mortgage rates | | | | use it as leverage and start shopping. Go back to your |
| is the type of mortgage. This is where mortgage | | | | bank or mortgage brokers that you've had contact |
| calculators are a valuable tool. Playing with the terms | | | | with, etc. and see if they can beat it. Even if they can't |
| like the initial amount, length, and interest will give you an | | | | beat the rate, they might be able to compromise or |
| idea of what type of loan will be affordable for you. | | | | lower other fees like closing costs. You want the best |
| Comparing rates for ARM, 15Yr fixed, 30 year fixed | | | | deal overall, not just the lowest rate so don't settle for |
| etc is a lot easier when you understand how it will | | | | something if you're not satisfied. |
| change your monthly payments. | | | | Be careful of the online lenders, sometimes they have |
| Shopping online for rates is easy and quick, but do not | | | | hidden fees or are less than honorable when it comes |
| overlook your local banks and credit unions. Shopping | | | | to making good on the rock bottom rates that they |
| local is a great way to support your community and | | | | advertise online. Look for consumer feedback to see if |
| having a person to sit down and explain nuances of | | | | the site has good ratings from users. |