This entry was posted on Wednesday, March 14th, 2007 at 10:39 pm and is filed under Home Buying and Selling, Mason County Real Estate, Real Estate News, Residential Real Estate, Washington Home Information. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
When you’re buying a new home, the most important thing on your to-do list should be securing your mortgage loan. While this may seem daunting and confusing, there are some things you can do to make it less stressful and intimidating.
First and foremost, do some research and take time to educate yourself about your rights as a borrower. Read the Federal Truth in Lending Act, which outlines the ways in which you, as a loan borrower, are protected. Included in this act is the provision that the lender must disclose everything to you, including any fees and costs that would normally be hidden. If he fails to do so, you can either negotiate for those payments to be taken away or pull out of the deal completely.
Second, shop around and compare lenders. If you can, make a list and call them all on the same day; this is important as the market interest rate varies daily, so you’ll get the most accurate comparison of lenders.
Last but not least, read everything you’re given with the application down to the fine print and check with the lender about what documentation you’ll need to fill out the application. They will have a specific list, so its always good to ask for it up front.