7 Steps To Choosing The Best Real Estate Loan For

7 Steps To Choosing The Best Real Estate Loan For You

A home loan will be your financial responsibility for years to come, so it can be one of the most important decisions you make. Even tiny changes in an interest rate changes as small as half a percent can cost or save you thousands of dollars over the term of your loan. To enjoy an affordable home, follow these seven simple steps:

1) Youd Better Shop Around!
Any market has thousands of mortgage brokers, and each broker has access to hundreds of home loan programs. Whatever your circumstances, there is a home loan out there to suit you. The more mortgage brokers and financing professionals you speak to, the more likely it is that you will encounter someone who really knows the home loan program right for you.

2) Pick out the TERMS of your loan — BEFORE comparing rates.
Home loan terms range from 30, 40 to 50 years and some are interest only, meaning that you will only make interest payments each month and will never pay off your mortgage. Another factor to consider when debating terms is rate. Some loans have guaranteed fixed rates for the entire term of your mortgage. Other loans are...