Looking for a Best Mortgage Deal?
By waseemsufi on 10 Dec 2011
As you may know that Interest rates are still the lowest in many years. So when folks are thinking about obtaining a new loan or even refinancing, most will only inquire about the rates that each lender/broker is offering and fail to ask or compare all the fees and commissions that may be tagged on to their total loan package. So, in the end, they may end up paying much higher amounts in the long run.
Interest rate is only one part of the total loan package. Don’t just go with whoever quotes you the lowest interest rate. You need to look at several items including service, points, fixed or adjustable rate, APR rate, fees, PMI etc… You want to compare apples to apples. You have a right to ask about every single item that will be included in your loan.
Department of Housing and Urban Development (HUD) has prepared a Mortgage Shopping Worksheet (see attached) that you may want to use when comparing loan packages. This sheet may not cover all the items that may be included as part of the loan package, however, it does cover most of the main items that you want to ask each lender/broker about and then make the best decision in consultation with your trusted loan advisor.
| Attachment | Size |
|---|---|
| Mortgageshopping.pdf | 95.33 KB |
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