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Loan shopping
Finding the right financing for your home purchase can be a stressful experience. You can minimize the strain by planning. If you’re thinking about buying real estate, you need to think about finding a lender. (Unless you have lots of cash laying around.) It’s best to approach shopping for a loan just as you would approach shopping for a car or groceries — compare prices. That means using all the resources available to you, such as the Internet, credit unions, mortgage brokers and rich aunties. A good Realtor can often make recommendations to point you in the right direction. When comparing lenders, it is most important to understand exactly what your loan is going to cost you. A thorough cost comparison of the lender’s fees is a good way to shop for a mortgage, because doing your homework may save you a substantial amount of money. Lenders can often make it difficult to do this with different charges and fees for different loan types — it can be very confusing. But here is an easy way to unravel all that red tape: First, decide on how much you will need to borrow. If you are not sure, you can get pre-qualified with any local lender. Then, here’s the key: Once you have a loan amount in mind, approach as many lenders as you can — at least three — and insist on getting a written Good Faith Estimate. This is a standardized government HUD-1 form that itemizes all the fees associated with getting a mortgage and will spell out exactly what you can expect to pay for on closing day. Soon you will have enough estimates to have a good idea what the cost of your loan should be, and it won't be nearly as hard to pick the best deal. Finding a lender
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