How to Find the Best Mortgage Deal. Considering that you’re likely to be paying
it off for the next 25 years, you’d be wise to shop around for the best mortgage. You will need Time to research rates and some
mathematical ability. Step 1. Take advantage of the mortgage calculators
available online to determine how large of a mortgage you can afford. Step 2. Get quotes from several lending institutions. If you go to a bank, know that the rate posted
is not necessarily the lowest rate that’s offered. Consider using a mortgage broker, who will
do the legwork for you and may be more skilled at negotiating lower rates. Step 3. Know whether each rate is fixed or adjustable. An adjustable rate will rise and fall according
to the market. If you’re not a gambler, go with a fixed
rate. In case you haven’t heard, taking a subprime
mortgage isn’t very wise. You’ll end up paying higher rates and fees—and
you might further jeopardize your credit rating. Step 4. Ask for a rundown of every single fee you’ll
be expected to pay at closing. The Annual Percentage Rate, or APR, is meant
to help you compare lender rates.

But because lenders calculate APR differently,
the lowest isn’t necessarily the best deal. Instead, request each lender’s loan fees
and go with the lowest offered. Step 5. Don’t automatically pay points, which are
fees you pay the lender—specifically, one percent of the loan amount—that lower your
interest rate. They generally are only beneficial to people
who plan to be in their homes for a long time. Step 6. A home loan involves many fees, so ask the
lender or broker to break down each.

Don’t be afraid to ask questions—like
why they’re charging you 50 bucks for a credit report that cost them $12. Did you know Thirty-four percent of homeowners
don’t know what kind of mortgage they have, according to one survey..

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