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Mortgage Lenders

Selecting the best mortgage lender is an important but often overlooked step of the mortgage process. Many people simply go to their local bank who hold their checking and/or savings accounts and asks them for a mortgage loan. More often than not, this will not be the best deal you can obtain.


Look for low annual percentage rates (APR)
You want to find a lender who will offer you the lowest annual percentage rate. This is the amount of interest you will pay on your loan. Be wary of exceptionally low APRs, however. Lenders with exceptionally low APRs may have higher than normal closing costs.

 Mortgage Rates
Mortgage rates may vary depending on the duration of payments. Typically, the shorter the term, the lower the rate. Although this rule of thumb is not infallible, most date of recent trends show that the short-term rates are usually lower than the long-term rates. In considering whether to choose long term mortgage rates or short term ones, consider where interest rates are headed.
 Mortgage Insurance
If you recently took out a mortgage, you may remember being asked if you wanted mortgage payment protection insurance. It probably sounded expensive and unnecessary. In some cases there are companies who like to charge you too much for the product, but not all of them. Consider this option based on your individual situation.
 
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