Mortgage hunting doesn’t stop at deciding on a loan
When it comes to shopping for a mortgage, the most important thing to remember is that the best loan for you may not be the cheapest loan you’re offered, or the loan with the cheapest monthly payments.
The loan you choose needs to work for your personal finance situation, not only on the day you close, or for the first year, but for the entire time you plan to live in the property and keep that loan.
Choosing the best loan means you have to take the time to understand what your needs are and what kind of loan will meet those needs.
Once you decide which loan you want, here are some tips for negotiating for the best deal:
1. Know what you want before you call the lender.
2. Consider using a mortgage broker.
3. Stay on top of interest rates.
4. Watch the points and fees.
5. Don’t be afraid to ask for what you want.
6. Consult with your real estate attorney before you apply for the mortgage.