In most cases, home buyers will spend an extensive amount of time looking for their perfect house.  As for their mortgage, most do not devote that amount of time or effort.  Yet, this is one of the most important aspects of buying a home.  Shopping for a mortgage allows you to compare and contrast rates and terms to what best fits your financial situation.  Take these tips into consideration when searching for your perfect house AND perfect mortgage.

Time is on your side -  Most buyers are weary of mortgage shopping because they know that when multiple parties check credit it can damage your score.  However, what most of us don't know is that it wont hurt your score as long as these inquiries are done within a certain time frame (most are 30 days) and will be treated as one single inquiry rather than multiple if done within this window.

A little information goes a long way - Mortgage shoppers are usually under the impression that an overwhelming amount of information needs to be submitted to lenders each time they inquire about a rate and have to then deal with all the disturbing sales calls to follow.  This, too, is not true.  most lenders actually need minimal information like what your current financial situation is and what your credit is, to give you an accurate quote.

Important factors in your quote - While shopping for mortgage quotes do not focus solely on the rate itself, there are other important factors when getting a mortgage.  Make sure you have an accurate number of what your monthly payment will be so it fits into your budget, negotiate lender fees, obviously the total cost of the loan (principal + interest), make sure you know and understand if your rate is fixed or adjustable and check with referrals and other people who know the lender and their reputation.

Choosing your lender carefully – As I mentioned earlier, you should not only shop around for great rates but for the actual lender as well.  Choosing the right lender is imperative in locking in your loan on time and dedicate their service to you 110%.

Til' Next Time,

Tim D.

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