Guide to Comparing Different Mortgage Offers

Woman counting coinsFinding the right mortgage lender is an integral part of the property buying process. It’s important to get multiple quotes before you settle on the right financing institution.

City Creek Mortgage shares some mortgage comparison tips to help you choose the best loan for your needs:

Talk to several lenders first

Many people think that they can only get a mortgage from commercial banks. The truth is there are several other financial institutions that will offer you a mortgage. Credit unions, mortgage companies, and thrift institutions are among your options.

Each has different policies and business models, and these institutions price their loans differently. Gather information from them and decide which lender and deal is best for you.

Find a reputable mortgage broker

Brokers do not give mortgages directly, but they have connections with many lenders and can help you choose among dozens of loan products. They can help you get the best deal.

Once you have told a reliable broker what your needs are, they will sift through the products available and give you the best options. They can also help with the application process, taking some of the load off your shoulders.

Determine all costs

Some buyers make the mistake of looking only at the interest rates of different mortgages when shopping for a loan. But there are many other costs involved in mortgage application, such as mortgage insurance, lender fees, and discount points. It’s important to determine the full cost of each loan, so you can compare them effectively.

There’s more to mortgage comparison than you may have previously thought. By considering all the factors involved, you can make mortgage shopping easier and boost your chances of getting the right mortgage.