consider
whether you are eligible for special
loan programs such as VA Loans, Low-Income
Loans, RWS Loans, etc. see
product information
decide
on the term for your mortgage loan by
comparing monthly payment amounts that
fit within your budget; ex. 15-Yr repayment
terms vs. 30-Yr repayment terms try
this calculation
compare
the APRs among lenders (or brokers) with
similar products eliminate those
lenders who have higher APRs use
this mortgage shopping worksheet as a
comparison guide FREE
download
now
view the products with similar APRs
compare the number of points lenders (or
broker) charge for the product view
our notes on "points"
eliminate
those lenders (or brokers) who charge
higher up-front points it will cost
you more if you decide to remain in you
home for only a few years
eliminate
any lender (or broker) that has prepayment
penalties this will prevent you
from prepaying down your mortgage
or negotiate to have this prepayment penalty
clause removed
check
the reputation of the lender (or
broker) before you finalize your
selection do they service
their customer, impose unnecessary
fees, etc.
check
your Better Business Bureau
lookup
your local government consumer affairs
division