Comparing mortgages is an important step in determining which financing is best for your property purchase.
This video gives you valuable tips on how to evaluate different mortgage choices to make the best decision for you.
You wouldn’t buy a car without comparing models, would you?
So, be a savvy consumer and go mortgage shopping armed with the information you need!
Comparing Mortgages is a Good Idea
First, devise a checklist for the information from each lending institution. You should include:
- the company’s name and basic information
- the type of mortgage (fixed, variable, 15 year, 30 year, adjustable after 7 years, convention, VA, FHA, etc.)
- minimum down payment required
- interest rate and points
- closing costs
- loan processing time
- whether prepayment is allowed
Speak with companies by phone or in person.
Be sure to call every lender on the list the same day as interest rates can fluctuate daily.
In addition to doing your own research, your real estate agent may have access to a database of lender and mortgage options or suggest a variety of different lender options.
At First Title & Abstract, Inc., our staff can refer you to competent and friendly loan officers who will provide guidance to you on available mortgage products. Comparing mortgages is easy when you are working with professionals who are experienced and knowledgeable.
We hope you will not hesitate to call us for a referral, or to help answer any questions you may have about your mortgage features.
We offer this mortgage shopping worksheet for your convenience as a good starting point.
Mortgage Shopping Worksheet