Whether you are purchasing a new home, or refinancing and existing mortgage, do your homework to ensure you are getting the best mortgage program and best home loan for you. So, how do you accomplish this?
To ensure getting the best mortgage, you should start asking for referrals to a loan officer who can help you. A good loan officer will discuss your long and short term goals to help ensure you are getting the best loan for your needs. Make sure your loan officer is with a reputable company, is licensed so you may check their standings with the Department of Real Estate, and never pressures you to make a quick decision. Talk to more than one loan officer to ensure you get the best home loan for you.
Compare interest rates and loan programs. When speaking to a lender and deciding on the best loan for your new mortgage, always ask to see a Good Faith Estimate and a Truth-in-Lending Disclosure. These two documents should accurately reflect the cost and the terms of your new mortgage. Compare the interest rates and compare the cost of the loan to ensure you are getting the best mortgage. Never go into escrow to sign loan documents without reviewing these two critical pieces of paper.
Ensuring you get the best mortgage is a worthwhile endeavor. Not only can it save you thousands of dollars in mortgage costs, it will also give you piece of mind that the mortgage you chose is the best loan for you.