Choosing a Home Mortgage Lender - Tips For Success
Selecting the best mortgage lender is an important but often overlooked step of the mortgage process. Many people simply go to the bank that has their checking accounts and ask them for a mortgage loan. This won't always garner you the best-possible deal. Pre-qualify yourself A good rule of thumb is that the maximum amount for your monthly mortgage payment should be no more than one-third of your monthly income. There are plenty of online places you can use to pre-qualify yourself for a mortgage. You simply type in how much you make and how much debt you have, and the programs will tell you how much mortgage you can afford. Pre-qualifying yourself is important, so you can go in to see a lender and know how much home you want to buy. Ask around Ask your friends and neighbors about their experiences with mortgage lenders. Find out which ones they liked and which ones they didn't like. If you hear about one mortgage lender having more negative relationships than favor...