When you shop for a mortgage, make sure to choose a lender that will listen to your unique needs and
give you all the available options.
Be sure to obtain a Good Faith estimate of costs and an explanation of the costs
from your potential lender.
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The following are some of the common items you should consider while shopping for a mortgage.
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Determine the mortgage term and type:
- Duration of the mortgage
- Fixed or adjustable rate mortgage
- Possibility of a balloon mortgage
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Determine the prevailing interest rates by researching different types of lenders:
- Mortgage Web sites
- Savings banks
- Commercial banks
- Credit unions
- Mortgage-lending companies
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Determine the costs of initiating the loan:
- Costs of a credit check
- Appraisal fees
- Processing fees
- Points or loan origination fees
- Closing costs
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Learn about mortgage types and visit
QuickenLoans.com
online to find out more about the current mortgage interest rates for different loan types and shop for a mortgage.
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