When looking to buy a new home, most prospective homebuyers look to a mortgage broker or loan originator to make it happen. However, the mistake that’s often made is depending on a mortgage broker or loan originator to do all the work for you. Buying a home is a decision that will affect your family and financial situation for decades to come. In the same sense that you wouldn’t want to leave important family decisions up to other people to make, you also don’t want to depend solely on a mortgage broker to locate the best mortgage for you. Making the wrong decision could end up costing more than you bargained for.
Here are the steps you should take to make sure your decision is the right one:
1. Find out if you qualify.
Taking the time to qualify before even looking for a home to buy will not only help you know your target price range—it will also make the process easier by setting realistic limits in your search.
2. Find how much you’ll be paying compared to the best prices available.
Qualifying for a mortgage will give you the numbers you need to look at your unique situation and determine if there is something you can do to save even more money before signing the paperwork. For example, if you have less than 20 percent to put down on the loan amount, that fact will change the amount you pay in the end, as well as the rate you will likely qualify for.
3. Find out which type of mortgage best suits your unique situation.
There are several different types of mortgages on the market. Learning which one works best for you and “shopping around” is always a better bet than taking the first offer that you’re given.
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