Transcription of , or both. You should ask - HUD | HUD.gov / U.S ...
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, or both. You should ask - HUD | 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.
list of its current mortgage interest rates and whether the rates being quoted are the lowest for that day or week. • Ask whether the rate is fixed or adjustable. Keep in mind that when interest rates for adjustable-rate loans go up, generally so does the monthly payment. • If the rate quoted is for an adjustable-rate loan, ask how your
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