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How To Choose A Lender

iStock_000056690830_choosing a lender_Medium_600x400Once you have figured out which mortgage product – fixed rate or adjustable rate mortgage – is best for you, and whether or not to pay points, you are ready to begin comparison shopping for a lender. Interest rates, of course, are the first point of comparison. Be sure to compare apples-to-apples” — i.e. similar products at different institutions. Keep in mind that the advertised interest rate is only one measure of the cost of the loan. A better point of comparison might be the Annual Percentage Rate (APR) which is a measure of the total cost of credit, expressed as a nominal yearly rate. Read More

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