What is the best way to shop for a mortgage?
It is a good idea to contact at least three to five lenders for input on mortgage programs and rates. You can do all of your shopping on-line or by phone. If there are any usual twists to your mortgage scenario, it is best to disclose as much information up front as possible to be certain you are making an “apples to apples” mortgage comparison amongst lenders. When making mortgage comparisons, you must be sure you are comparing mortgages of similar terms, i.e. a 30 year vs. a 5 year, paying points vs.
It is a good idea to contact at least three to five lenders for input on mortgage programs and rates. You can do all of your shopping on-line or by phone. If there are any usual twists to your mortgage scenario, it is best to disclose as much information up front as possible to be certain you are making an “apples to apples” mortgage comparison amongst lenders. When making mortgage comparisons, you must be sure you are comparing mortgages of similar terms, i.e. a 30 year vs. a 5 year, paying points vs. zero points, do the mortgages you are comparing have prepayment penalties and do they have similar rate lock duration’s?
