Don’t be a victim of taking too many tips. Many people get mortgage advice from a variety of sources when they talk about purchasing a home. These sources offer their opinions and expect the potential home buyer to do as they have instructed.  However, there are all sorts of tips (good and bad) you can take.

What are some good mortgage shopping tips and what are some bad ones? Use common sense. Here are 5 mortgage tips that may save you a step or two:

Don’t be a victim of taking too many tips. Many people get mortgage advice from a variety of sources when they talk about purchasing a home. These sources offer their opinions and expect the potential home buyer to do as they have instructed.  However, there are all sorts of tips (good and bad) you can take.

What are some good mortgage shopping tips and what are some bad ones? Use common sense. Here are 5 mortgage tips that may save you a step or two:

1. Get a mortgage pre-approval prior to selecting a particualar property. When it comes to home selection, you have to know if the mortgage is affordable. When you do, you can find the best property that is affordable. So, see what the lenders offer prior to visiting the real estate agent.

2. Look for a very low interest rate. Whichever mortgage you select, my tip is to shop around and compare interest rates. A small difference in one bank or lender to another is thousands of dollars over the term of a mortgage.

3. Finding equality in the amount dollars spent each month and the shortest loan is a good tip. Again, shop around for all of these different programs and their rates.

4. In regard to deciding on the best lender and the correct product, weigh all aspects of the mortgage.  This includes the cost of the closing, the fees involved, and all terms of the mortgage.  A good rule of thumb is that you should choose the mortgage that fits your short and long term requirements

5. In the future if you take a tip about your mortgage from a relative or a friend, consider the product in its entirety. Select a broker or lender who provides best rates, terms, and the best overall service. Remember the best program for one person isn’t always correct for another. Mortgage shopping tips need to be accurate; and, personal opinions are not as important as features and benefits which fit a borrowers needs.

Excellent mortgage advice starts with simply compiling information in order to make informed choices. Nevermind your cousin’s bank because her friend works there. If an online mortgage can offer better terms give it consideration.  Here’s a mortgage shopping tip; do your research before selecting a mortgage.  That is the best tip I can provide!

If you need more information about home mortgage, please contact me directly. Submit a mortgage application.