If you’re looking to buy a home, whether for the first time or not, it’s wise to shop around for the right mortgage loan. Any other big-ticket items you purchase you compare prices, so why not do the same when it comes time to financing your biggest buy? Don’t hesitate to talk to several lenders, including the one you might have your current mortgage with, before applying to get pre-approved.
Within three days of applying for a loan, lenders must provide the Loan Estimate to you. This standardized form will allow you to compare each loan program, including interest rates, monthly payments, closing/settlement costs and more. You can then decide which lender has the best package that meets your housing and financial needs.
For more details to understand the lending process and documentation, visit the Consumer Finance Protection Bureau’s “Know Before You Owe” section of the agency’s website at http://bit.ly/choosealender18. If you need any recommendations on lenders you can consult with, feel free to contact us at 407-212-2301.