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Mortgage Shopping! |
Mortgage Shopping! - The first step to shopping for a mortgage online?
Decide the Mortgage Features You Want: You cant compare prices of different loan providers accurately unless you can specify exactly what you are shopping for. When you shop for an automobile, you decide beforehand that you want, e.g., a 4-door Toyota Corolla with Bose speaker system, red trim, etc., etc. Similarly, when you shop for a mortgage, you must know the type of mortgage you want - whether fixed-rate (FRM) or adjustable-rate (ARM), and if it is an ARM loan...... what kind? You must also know your preferred term, points, down payment, lock period and options, including interest-only, prepayment penalty and waiver of escrows.Your mortgage broker will be able to offer you more loan programs from many different lenders when compared to a local bank. Your local bank can only offer there in house loan programs in comparison to the brokers ability to add new lenders with the newest loan programs. To ensure you have the widest selection of loan programs to choose from choose a mortgage broker.
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is not a commitment to lend. Restrictions may apply. Information is
subject to change without notice. All loans are subject to credit approval.
Equal Housing Opportunity. |
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