Tips for finding the right mortgage

Finding the right lender is similar to purchasing a car in that the terms and price might be negotiable. Obtaining quotes from several lending agencies, such as mortgage companies, commercial banks, credit unions and thrift institutions, is a good place to begin. An Illinois prospective borrower can then choose the best price and terms based on the information.

Another option is to go through a mortgage broker who will find a lender and arrange the transaction for the buyer. Many people use several mortgage brokers in hopes of finding the best deal. It is also important to note that some lending agencies operate as both broker and lender, which may incur additional fees tacked on to the loan's interest rates or as points that must be paid at the closing or both. Many of these costs can be negotiated with both lenders and brokers.

In addition to the monthly payment and interest rates, buyers should ask lending agencies and brokers for information regarding the same loan amount, the type of loan and its terms. It can help if they ask for a list of current mortgage interest rates and inquire if the rates are adjustable or fixed and how long those rates will last. Buyers should also find out if the loan has an annual percentage rate, which includes points, possible credit charges and broker fees; if the rate pertains to an adjustable-rate loan and if the loan payment will adjust with the rates.

For many people, purchasing a home is their largest investment. Therefore, many people rely on the advice of an experienced attorney when purchasing residential real estate. A lawyer can help protect their investment by assisting with matters such as title issues and contract terms.

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