For months now, you have been looking at houses and home brochures and you have finally found it -
house that's just right. So now, you're feeling anxious to buy your new home, move in, and get settled. But this is not where your search ends. You still have one more important task to do and that is getting a home mortgage.
Contrary to popular belief, getting a home mortgage is quite simple. All you need in order to make right decision is to who where to look, what to look for, and what takes place when you apply for a home mortgage. Knowing what to expect, especially if you are a first-time homebuyer, may make it easier for you to get through process.
Where to Shop
Some people may think that once they have found house of their choice, their shopping days are over. Actually, choosing house is only first phase of whole process. The next step is to find a home mortgage with payment terms that fit your budget. Thus, where you shop and what to look for are very important in this stage of home buying.
The first logical place you might want to look for home mortgages is at bank where you have your checking or savings account. However, this shouldn't be only place you ought to look. There is a wide variety of lending institutions that offer home mortgage loans, including savings and loan associations, commercial banks, mutual savings banks, and mortgage companies. The lesson therefore is never limit yourself to just one option when you can have several.
Home mortgages may vary in features depending on lending institution. One way to find creditor with most attractively priced loan is to look in your local newspaper and check to see if it publishes a shoppers' guide to home mortgage credit. These shoppers' guides are widely available and may be used to identify lenders with low rates. However, basically, way to find best loan is to shop around.
