Action Plan: How to Shop for a Mortgage
Before you can buy a house, you will need to shop for—and qualify for—a home loan. A mortgage will likely be the biggest amount you ever borrow, and could take 15 to 30 years to pay back. That makes shopping for the lowest interest rate and fees even more important. A small difference in interest rates could save you hundreds of dollars every month, or thousands of dollars over the life of the loan. But to qualify for the lowest rates, you’ll need to prepare yourself financially.
Comparing mortgages can be complicated, but the following steps can help guide you through the process.
- Start saving for a down payment. Even though you may qualify for a Veterans Administration loan that doesn’t require a down payment, you’ll have more options—and could get a better interest rate—if you can make a down payment of at least 3.5 percent. The more you can put down the better.
Continue Reading at SaveAndInvest.org
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