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, or both. You should ask - HUD.gov / U.S. …
Shopping aroundfor a home loanor mortgage willhelp you to get the bestfinancing deal. A mort-gage whether it s a homepurchase, a refinancing, ora home equity loan is aproduct, just like a car, sothe price and terms may benegotiable. You ll want tocompare all the costs in-volved in obtaining a mort-gage. Shopping, comparing,and negotiating may saveyou thousands of rate, or both . You should askeach broker you work with how he orshe will be compensated so that youcan compare the different fees. Beprepared to negotiate with the brokersas well as the All ImportantCost InformationBe sure to get information aboutmortgages from several lenders orbrokers. Know how much of a downpayment you can afford, and find outall the costs involved in the just the amount of themonthly payment or the interest rate isnot enough. Ask for information aboutthe same loan amount, loan term, andtype of loan so that you can comparethe information. The following informa-tion is important to get from eachlender and broker:Rates Ask each lender and broker for alist of its current mortgage interestrates and whether the rates beingquoted are the lowest for that dayor week.
include the rate that you have agreed upon, the period the lock-in lasts, and the number of points to be paid. A fee may be charged for locking in the loan
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