GET PREAPPROVED FOR A MORTGAGE. "Preapproval was always a smart moves, but now it is a must. Lots of real-estate agents don't want to take someone home shopping who might not be able to get a mortgage in today's tighter market.
Do some digging to find out where you will get the best rates Check several lenders, including commercial banks, mortgage companies, and credit unions. Knowing only what your monthly payment or interest rates will be is not enough. Ask each lender to estimate what you'll pay over the life of the mortgage for the same loan amount, loan term, and type of loan so you can compare properly.
Make sure you also get an estimate of the closing costs and all the additional fees you'll owe, including loan origination or underwriting fees, broker fees, and transaction and settlement costs. Many of these fees are negotiable, so ask potential lenders if they will waive or reduce one or more of the fees or agree to lower interest rate. Once you have found the best deal, go back to the other lenders and ask them if they can beat it."
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