When shopping for a mortgage choose the mortgage broker that focuses on your needs and addresses those needs with the right loan program.

Shopping for a mortgage can be overwhelming to an inexperienced loan shopper. The process can be complex and intimidating. It is probably best to work with someone that comes highly recommended by a friend or relative. However sometimes you have to do your own reserch. In that case, choose a mortgage professional that conveys your needs and understands your unique financial needs. Make sure all of your questions are answered clearly and to your satisfaction.

When shopping for a mortgage learn about the various types of mortgages available--such as 30-year or 15-year fixed rate, adjustable rate mortgage (ARM), balloon etc.

Get quotes from at least three lending institutions or brokers before settling on one. Get referrals from your realtor, friends and family members who have recently purchased homes. Request an itemization of closing costs from each lender before submitting an application. Inquire about charges on one lender's list that are not on others this may prevent undisclosed fees from surprising you at settlement.

Make sure you are 100% comfortable with the mortgage professional you choose. If at any time you feel out of the loop, this mortgage professional should be willing to answer your questions and/or concerns in a timely manner.

Unless told otherwise, your mortgage broker will always assume your property and situation are plain vanilla. Be sure to inform your loan officer if the property is a single family residence, a unit in a condominium, or other type of property, and be prepared to divulge your social security number and authorization for us to pull your credit report.

Remember your broker takes all your info and uses that to determine the best loan for your situation but you ultimately have the final say in which loan you want.

For first time home buyers, when it comes to determining how much mortgage can you afford, it is important to stay realistic and be honest to yourself. Lending institutions' qualifying ratios completely ignores your other financial goals, such as contributions to retirement/children's college funds. Nor do they take into account remodeling expenses.

Today the loan process is so much easier online. Before the Internet the loan process was a hassle. You would typically have to take off work to meet with bankers and present mounds of paper work before you had any idea what programs might be available for your situation. Now you can do your necessary research online in the comfort of you own home.

Getting the best deal depends on more than just finding the best interest rate or lowest closing costs. You must take both of these things into account. You must also be sure that the loan itself is appropriate to your situation. You wouldn't want a 2-year ARM if you know you will be living in the house for a long time and don't plan on refinancing. Likewise, you wouldn't want a 30-year fixed rate mortgage if you plan on moving or refinancing within a year or two.

Different loan programs have diferent interest rates, so you must be sure to get a loan that is appropriate to your situation, or you may pay too much!

Getting a mortgage and getting your vehicle fixed are two very different propositions. But they are alike in the fact that you truly want someone you can trust to perform the needed duties. A good mortgage agent and a good mechanic should have the same goals: to serve the customer in such a way that they will return and refer other business in the future. Go with someone you can trust.