Smart Mortgage Shopping

By: Charlie Pigeon

Shopping for a mortgage is one of the most important aspects of purchasing a home. The mortgage you get will be a major defining factor in your financial future. It will dictate the amount of money you have available for the other facets of your life as the mortgage payment is, let's face it; the most important monthly bill you are likely to have. Shopping for a mortgage can be even more confusing and time consuming than the actual purchase of a home. There are such a large number of lenders available and even more kinds of loans to choose from. It is essential that you find the loan that is right for you now, and will continue to be right for you for the years to come.

Standard mortgages are amortized over a fixed length of time.

The most typical is 30 years, but there are shorter-term loans available as well. In looking at loans, the best kind to find is a fixed rate loan. This will keep your monthly payments at the same amount, be mindful of variable rate loans as the variable rate clause means that the lender can increase the payments to match fluctuating interest rates. Knowing what your monthly bills are going to be for the foreseeable future is a critical part of financial planning.

When searching the available loans and lenders, make sure that you do some research into both. Much like any business there are those who conduct their business without regard for the clients that they serve. Many people have run afoul of unscrupulous mortgage lenders and the results of these loans are never pretty. Spend some time researching the history of the lenders that you are considering. Take into account their track record and maybe check with your local COC and BBB. If the lender has any complains against them find out why they were made. It's safe to say that a lender with more than one complaint against them may not have your best interests at heart. If you have questions about the different types of loans that are available try talking to your realtor or even one of the financial planners at one of the larger banks in your area.

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