Shopping around for a home loan or mortgage will help you to get the best financing deal. A mortgage – whether it’s a home purchase, a refinancing, or a home equity loan – is a product, just like a car, so the price and terms may be negotiable. You’ll want to compare all the costs involved in obtaining a mortgage. Shopping, comparing, and negotiating may save you thousands of dollars.
Obtain Information from Several Lenders
Home loans are available from several types of lenders—thrift institutions*, commercial banks, mortgage companies, mortgage brokers, and credit unions.
Obtain All Important Cost Information
Ask for information about the same loan amount, loan term, and type of loan so that you can compare the information
- Down Payments and Private Mortgage Insurance
Obtain the Best Deal That You Can
Remember: Shop, Compare, Negotiate
Fair Lending Is Required by Law
Credit Problems? Still Shop, Compare, and Negotiate!
- Let FHA Loans Help You
- Home Seller Security & Safety Plan
- DO get Pre-Approved for a home loan, not just pre-qualified
- How much house can I afford?
- Loosening Mortgage Requirements