When looking for a mortgage, it’s a mistake to simply go with the first lender you meet. Instead, you should meet with at least three mortgage lenders, and come prepared to ask questions. Ask what types of loans they offer: Fixed-rate, ARM, FHA, etc.? Not all lenders offer them all. Ask what type of mortgage they would recommend for you. You should also inquire about closing costs and whether they charge for a mortgage rate lock. Paperwork can be a hassle during the application process, so be sure to ask about what documents you’ll need. These are just some of the questions you should ask each prospective mortgage lender.
- Peggy Yee recommends that when one is choosing a mortgage service he should shop around to make sure of the best interest rates and loan terms.
- The first question to ask a mortgage provider is what type of loans they offer to make sure they offer the type of loan you need.
- A fixed rate loan is a loan in which the interest rate does not vary but remains fixed throughout the life of the loan.
“If you want to find the very best mortgage for your needs, it pays to not automatically go with the very first lender you see.”