Mortgage websites make comparison shopping easy by sending your request out to several lending companies for bids. You no longer have to rely on local lending companies for offers. With internet, sub prime lenders have become more competitive as they vie for loans.

Read The Terms

Once you find a competitive financing offer, print off a copy of terms and read them carefully. Look for terms that charge a high late fee or several points up front. People with a bad credit history will pay higher fees, but they should not be excessive.

Lock In Rates

After you have done your comparison shopping, lock in rate by completing your loan application. Most mortgage lenders can complete process online, and send out a final copy of paperwork for your approval and signature.

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It is reasonable to expect to pay up to five points for a mortgage loan, but any higher and you should be wary. There are always exceptions to this, so use your best judgment and compare companies.

Get Multiple Offers

Mortgage lenders can vary as much as 5% in their interest rates, so you should compare financing packages. The internet has made comparison shopping easy. You can get bids from multiple lenders and read over their offers from comfort of your home.

Read The Fine Print

Once you get an offer from a mortgage lender, make sure you read fine print. Interest rates are easy to compare, but you should also look over fees that are involved which can add up to thousands of dollars. Also, be sure to understand any fees for late or missed payments.

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