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More Information
Purchasing a Home
Saving Money on Mortgage
Federal Laws
Mortgage Do’s and Don’ts
Your Rights
Qualifying for a Mortgage
Choosing the Right Loan for You
Fixed vs. Adjustable Mortgages
Loan Costs
APR, ARM and GPM
Purchasing Agreement
The Closing
Interest Rate Buydowns
Your Buying Power
Mortgage Terminology
 

Saving Money on Your Mortgage

Ask Questions – Buying a house is a complicated process. You need to ask enough questions to get the answers you need so that you can make the right decision and ultimately save money on your mortgage. Once all of your questions are answered, you will be ready to bring your best offer to the table. You can never ask too many questions. All mortgage expenses, including closing costs are negotiable.

Get Good Advice – Before you begin shopping for a mortgage quote, find a friend or advisor who can assist you by helping you make a list of your questions, and who will go over the answers you get to your questions and will help determine which mortgage quote is best for you.

Consider Your Needs and Wants – When it comes to selecting a mortgage quote, you have a lot of options available. Begin by speaking with three or four companies or agents about your needs. Explain to them how long you think you will stay in your home; discuss with them the amount of money you plan on borrowing; mention the amount of down payment you are planning to offer, what kinds of up-front fees including points, will be required, and lastly, your credit record and income should be a part of this discussion.

Find a Good Loan Representative – In today’s internet-driven world, there are many places to go for a mortgage quote. Yet it is important to get good service. Many lenders, no matter how large they are, are operating with slimmer margins as a result of the great rates, so they trim down the other services that they provide. Try and develop a relationship with whomever you deal with so that they know who you are and are certain to process your application in a timely fashion.

Know Your Credit – More than one-third of credit histories have some inaccuracies. Be certain to get a copy of your credit report prior to applying for a loan.