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You are here: Home | Buyers and Sellers Information | Buyer Toolbox | Looking for the BEST Mortgage

Looking for the BEST Mortgage

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The information included here comes from various sources, including, The Federal Department of Housing and Urban Development (HUD) and State of NJ Housing and Mortgage Finance Agency (NJHMFA).

 When looking to buy a home, in many cases, you are also looking to buy a mortgage; two separate processes but needing the same level of buyer scrutiny. Shop around and obtain information and quotes from several sources. Home loans, mortgages, are available from several types of lenders, like savings and loans, commercial banks, mortgage banks and credit unions. Different lenders may quote you different prices. In addition you may encounter a Mortgage Broker, an individual or firm that doesn't actually lend the money, but instead finds a lender for you. Mortgage Brokers may not be obligated to find you the best rate unless you have contracted with them to act as your agent.

It might not be obvious whether the person that you are dealing with is the lender or a broker. Sometimes they wear both hats and may offer the services of a Broker even though the firm is itself a lending institution. Make sure you understand if there is a broker involved. It can cost you if you don't realize that the broker fees are on top of what the lender charges for origination and other loan services. There may be additional "points" paid at closing or as an add-on to your interest rate, or both. Ask how this will be implemented in your loan so you can compare the actual costs between the various lenders you contact.

We have listed in our Affiliates mortgage-checklist-3Dseveral individuals and local agencies that are Mortage Brokers and/or Banks. Use them as a starting point in your search for funding what will probably be the largest purchase you ever make. Be sure to ask them the questions that are important to your research to get the best rate and terms for your mortgage.

Click the photo to access the Mortgage Checklist and Glossary PDF.

You are here: Home | Buyers and Sellers Information | Buyer Toolbox | Looking for the BEST Mortgage