Shopping for a home loan can seem overwhelming, but by properly organizing the information you gather during your research, you can make the task of comparing home loans from different lenders easier to tackle.
First, devise a checklist for the information from each lending institution. You should include:
- The company’s name and basic information
- The type of mortgage
- Minimum down payment required
- Interest rate and points
- Closing costs
- Loan processing time
- Whether prepayment is allowed
Now it’s time to shop. Speak with companies by phone or in person to gather the details needed to fill out your list. Be sure to call every lender on the list on the same day as interest rates can fluctuate daily.
In addition to doing your own research, your real estate agent may have access to a database of lender and mortgage options or suggest a variety of different lender options, so it never hurts to ask for recommendations.
At Title Junction we care about helping you stay informed throughout your real estate transaction. Have questions? Give us a call at 239.415.6574.
In case you missed it, check out our last Title Junction post: 3 Perks of Homeownership