| The best way to get low home mortgage interest | | | | of a loan by taking into consideration the interest rate |
| rates from all over the country is to use the internet to | | | | plus any points and fees paid. |
| compare home purchase loans and mortgage interest | | | | - Ask the lender, is there a pre-payment penalty? |
| rates online. Shopping online makes it easier for you to | | | | Pre-payment penalties can cost thousands of dollars |
| find out which lender is offering you a loan that meets | | | | should you decide to sell your home or if it is subject to |
| your needs. | | | | eminent domain in the near future. |
| You can shop online for a fixed rate loan, adjustable | | | | - Ask the lender how fast can I close my loan? Those |
| rate mortgage (ARM) or 80-20 1st and 2nd | | | | super low rates may be for a 2-week lock in period. |
| mortgages. If your income is unpredictable or based | | | | But, loans typically close in 30 to 45 days, so you need |
| largely on commissions or bonuses you may want | | | | to find out what rate you can get for a 30-45 day |
| consider interest-only options or a payment option | | | | interest rate lock. |
| ARM. | | | | - Don't have your credit run until you've decided |
| Shopping online is a great way to assure the best | | | | between 2 or 3 lenders. And, ask for all the fees you |
| possible rates and terms on these types of loans, as | | | | will have to pay before having lenders run your credit. |
| well. You can even search online to find a home | | | | Just remember, some fees may depend on your |
| mortgage lender that offers 100% home financing for | | | | credit scores. |
| no money down home loans and for finding a home | | | | - Compare loan disclosures before making the final |
| lender that offers good purchase and refinance terms. | | | | choice on a loan. These disclosures include a good |
| Here are some useful tips for comparing purchase | | | | faith estimate of the mortgage fees, also called |
| quotes online: | | | | settlement costs, that cover every expense |
| - Try to find a mortgage lender or broker that doesn't | | | | associated with your home loan. If anything is different |
| charge an application fee upfront. | | | | than what was explained or promised to you by your |
| - Consider the annual percentage rate (APR). The | | | | loan agent or loan processor, do not sign the loan |
| annual percentage rate (APR) reflects the total cost | | | | documents. |