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Your Own Home

Shopping for the Best Deal

The mortgage industry is very competitive and there are many resources available for you to shop for the best deal.

  Check advertisements in local newspapers and on the Internet to get an idea of the best terms and rates. Be mindful, however, that rates change frequently, and you may not be able to get the published rate. Contact several lenders on the same day to compare quotes.

  Negotiate the best deal you can. Ask the lender for better terms than originally quoted. Lenders might offer different prices to different borrowers even with the same qualifications. Ask the lender to waive or reduce one or more of the fees, or agree to a lower rate or fewer points, and make sure they do not lower one fee and raise another in its place.

  Do not be afraid to let lenders compete for your business by letting them know you are shopping for the best deal.

  Make sure the lender gives you all the costs of the loan in writing.

For example, Truth in Lending requires the lender or broker to disclose estimates of how much the loan will cost.

The Real Estate Settlement Procedures Act requires the lender or broker to give you an estimate of these fees so you have an idea of how much the loan will cost.

These disclosures are not required until you apply for a home loan. To compare terms before you fill out an application, ask the lender for the basic information on this worksheet.