When looking for a home loan, it might be a good idea to shop around. There are still lenders offering subprime mortgages, and you may get a better deal if you weigh your options. Get pre-qualification (not to be confused with pre-approval) for your home mortgage, and then let other lenders know what you are being offered. The Sun Sentinel offers this about taking the first home mortgage deal that comes your way:
Technorati Tags: home loan, home loan blog, home mortgage, mortgage lenders, Shopping around home mortgage, subprime mortgagesDon’t take that deal unless you’re sure there’s nothing better. One of the revelations of this crisis has been that people who could have qualified for cheaper home loans were offered more expensive subprime mortgages, because the commissions paid to mortgage brokers were higher.
Add to:
getting an approval should be the first step before shopping for a home
Posted by: mortgage approvals | October 30th, 2007 12:27 pm |
I still maintain that before you commit yourself to a credit check with a pre-approval, you should first get pre-qualified (no credit check) with a variety of lenders in order to compare loan programs.
AFTER you have determined which is the best loan program for you, then is the time to get a pre-approval to take with you while home shopping.
Posted by: Miranda | October 31st, 2007 10:17 am |