The loan you obtain to buy a home may very well be the largest loan you take out in your lifetime.  You need to choose your loan program, rate and terms wisely.  It would be in your best interest to interview several lenders before selecting the mortgage professional you feel comfortable with and are confident that they have and will continue to explain the process to you from start to finish.

You should:

• Know the total cost of your loan
• Receive a Good Faith Estimate
• Understand completely what the lender or broker is doing for you
• Know what the broker is getting paid for helping you get a loan
• Ask any and all questions you have about the process and not sign a thing until you are 100% certain you understand

There are many resources available to you that will help you in making the best decision when choosing a home loan.  Ask your real estate professional or visit the HUD home buying page for additional information. 

Choose you mortgage program and lender wisely and the home buying process will go a lot smoother for you.

• The term of the loan.
• Is the interest rate fixed or adjustable.
• Will there be a pre-payment penalty?
• Will there be a baloon payment due?
• What are the closing costs?

Make sure you receive a good faith estimate before signing on the bottom line when applying for a mortgage.

Sample Good Faith Estimate