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Tips on Selecting a Mortgage Provider

There are hundreds of mortgage providers out there.  How do you decide which is the best one for you?  Here are some suggestions of things to consider when making your decision:

1.       Are you comfortable handling the transaction online (computer and telephone) or do you want to talk face-to-face with the mortgage provider?  There are many mortgage providers who are only available via computer and telephone.  

2.       If you already have account(s) at a bank or credit union, see if they also provide mortgage loans.  You already have a financial history with them, and they may offer you special interest rates and other benefits.

3.       Ask the mortgage providers about the type of loans they offer (e.g., conventional, FHA, VA, rural housing).  Each loan type has pros and cons. Research the loan types before meeting with mortgage providers so you can discuss the best loan type for your upcoming transaction.  (NOTE: Some lenders do not provide all types of mortgage loans.)

4.       If you are a teacher, medical professional, firefighter or police officer, you may qualify for special assistance for down payment and/or closing costs.  See if the mortgage provider is familiar with the programs and is approved to process the requests for assistance.

5.       There are also special local, county, and state programs which assist low income families with down payments and closing costs. See if the mortgage provider is familiar with the programs and is approved to process the requests for assistance.  

6.       If you are active duty, honorably discharged, or retired military, you may qualify for some local, state and federal programs.  See if the mortgage provider is familiar with the programs and is approved to process the requests for assistance.

7.       Insure that each mortgage provider you interview gives you a Good Faith Estimate (GFE).  This document includes the proposed interest rate, expenses associated with the loan, and estimated monthly payment.  Compare the information in the GFEs to determine which offer is best.

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