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How to shop for a mortgage
If you ’ re buying a home , you probably need to secure a loan . However , it ’ s important to shop around for one with terms and conditions that meet your needs . Here ’ s what you should do if you ’ re looking for a mortgage .
Start looking early It ’ s a good idea to begin shopping for your mortgage three months before you visit any properties . This will give you time to evaluate your options . You should make sure that the amount you borrow is within your budget , and that you ’ ll be able to pay it back even if the interest rate goes up .
Consider various lenders In addition to banks , there are trust companies , credit unions and insurers that offer mortgages . The more loans you compare , the more likely it is you ’ ll find one that meets all your requirements .
Analyze the loan terms You can save money by negotiating the interest rate on your mortgage . Keep in mind that the contract terms , amortization period , payment schedule , interest type and amount you borrow will affect your home loan payments . Therefore , it ’ s important to ask questions and ensure you fully understand the pros and cons of each option .
Are you having trouble making sense of getting a mortgage ? If so , talk to a mortgage broker for personalized advice . n
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Judy Burnham
ASSOCIATE BROKER Moultrie Board of Realtors Lifetime Member & Multi Million Dollar Producer Residential • Commercial Properties Buying • Selling • Listing Bus .: ( 229 ) 985-1145 • Cell : ( 229 ) 589-0758 709 South Main Street • Moultrie , GA31768 jwburnham @ gmail . com | www . mattcorealtors . com
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