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Pick-My-Mortgage Guide

helping to pick-my-mortgage
Use this reference guide to help pick the right mortgage loan for your financial needs.

 

Page Topics:

  1. summary tips on mortgage selection
  2. mortgage loan analyzer
  3. mortgage financing map

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Summary: Mortgage Selection

 

1  consider whether you are eligible for special loan programs such as VA Loans, Low-Income Loans, RWS Loans, etc. — see product information

2  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

3  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

4  now view the products with similar APRs — compare the number of points lenders (or broker) charge for the product — view our notes on "points"

5  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

6  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

7  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


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