When it comes to getting a good deal, most of you know that the key is shopping around. Whether I am looking for accounting services for my business, trying to find the best price on a mattress or looking at cars, shopping around is key. And the same is true of looking for a home mortgage. It is a good idea to look around before settling in with one lender. Check with multiple lenders before you decide on one to service your home mortgage.
One of the most important parts of the home mortgage is the interest rate. The interest rate can mean a differences of tens of thousands — even hundreds of thousands — dollars in what you pay back overall. Check to see what kinds of interest rates you can get on a variety of loans.
Find out from your lender what kind of home mortgage programs they offer. Do they help you find special programs offered by the state and federal governments? Do they know what kinds of grants are available to help you get a down payment together? You want to make sure that your mortgage lender knows the kinds of programs that will be of best benefit to you.
Can the mortgage lender meet with you? Does he or she get back to you in a timely manner. Are you kept up-to-date on what is going on? A slow mortgage lender can scuttle your real estate deal by not meeting deadlines. Make sure that your mortgage lender provides timely service.