We live in a world where it is becoming more and more challenging to get the best deal on anything. And this includes mortgages. There are so many different mortgage lenders that all have different rates, loan terms, and programs that it can be hard to find the one that will work for you. So how do you make sure you get the best deal? Here is a mortgage guide to help you out.
Ask Friends and Family for Recommendations
If you know people that have recently taken out a mortgage, ask them what lenders they used and if they were happy with the service. They may be able to direct you to someone who can offer an even better deal than what you are currently looking at. You can also check online for reviews of different companies or brokers. Don’t settle for an offer that you are not 100% happy with.
You might end up spending the next 30 years of your life paying off a mortgage, so it is essential to make sure that you get exactly what you want. And if you don’t like something about the deal they offer, negotiate! Remember never to accept their first offer before asking for a better one.
Have Your Paperwork Ready
This might seem like common sense, but you would be surprised how many people go into a mortgage meeting without all of their paperwork ready. Ensure you have copies of your credit report, pay stubs, bank statements, etc., so that the process can move along as quickly as possible. If you are not prepared, it will take longer to get through the process, which means less time for negotiations. Make sure your credit score is good before applying for a mortgage. If there are any blemishes on your report, make sure they are taken care of immediately so that when you apply for a loan, the lender sees you as a low-risk borrower.
Get Pre-Approved For a Mortgage Before Shopping For Houses
This is a big tip, so make sure you pay attention. If you are already pre-approved for a loan before starting to look at homes, then the seller knows that your offer will be backed up with real money and not just an empty promise. This makes it more likely that they will accept your offer over someone else’s who hasn’t been pre-approved. You also won’t waste your time looking at homes you know you can’t afford, which means less stress and more fun.…
Stay away from these products; having your mortgage adjusted every six months is a formula for disaster. As I mentioned earlier, your first adjustment is likely to be high, and you’ll be using a large amount. You can choose to pay off your mortgage early to save money, but there is an easier way. At the beginning of the loan, you pay a significantly greater than the principal.
Whatever you do, don’t get into a mortgage loan that includes adverse amortization (amortization means that payments are spread out in a certain way over the calculated period). An interest-only loan is negative because you incur a debt each month that you are not paying primarily, just the interest rate. A monthly payment that includes both principal and interest creates debt. 
Whenever a formal program is created for your loan, the lender must disclose the fees you will be charged. Keep the schedule that details your fees. You will receive an advance statement of payments at the time of closing. If unexpected expenses are added, especially lender charges, you should dispute them. Review each item and compare it to your previous expense reports.