Residential Mortgage Application: Choosing the Right Lender

Before you fill out a residential mortgage application, you are going to want to make sure that you choose the right lender to work with. Here are the basics of how to choose the right lender for your mortgage.

Interest Rate

Before you get involved with a lender, you are going to want to make sure that it has competitive interest rates. You will need to shop around with multiple lenders so that you can see what types of rates you will be eligible for in the market. The interest rate is going to be one of the most important parts of the mortgage, so you should do your best to find as cheap of a rate as you can.

Closing Costs

When you are shopping around, you are also going to want to get some estimates on closing costs. Each lender should give you a good-faith estimate when you apply for your mortgage. This will outline all of the different closing costs that you are going to have to pay with that particular lender. Every lender is going to have different types of closing costs, and you should compare one estimate against the other. You can also use these estimates to negotiate the closing costs when you find a lender that you want to work with.

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