If you’re ready to purchase a home, refinance your home, or take out a home equity loan, you’ll need a mortgage. Mortgage lenders are generally willing to compete for your business, which means that shopping around, comparing prices, and negotiating deals can save you thousands of dollars.
If you want to get the best deal possible, be sure to compare all the costs and understand how mortgages work.
The Better Business Bureau recommends knowing how much you can spend up-front. Before you ask for information from a lender, it’s a good idea to know how much you can spend on a loan and the maximum monthly payment you can afford. This information will be a key part of your negotiations, so review your budget ahead of time.
Understand the difference between a broker and a lender. A broker acts as a middleman, comparing loan options on your behalf. A lender is a bank or other financial institution that loans money directly to you. Get…