Make the perfect choice

Getting the right mortgage and a low rate is easier than you might think. Here are four simple steps to ensure you get the best mortgage rate available for your situation:

1. Get your credit score. There are lots of opportunities to get an indicative credit score and a detailed analysis of your credit report. Many credit cards and websites will give you a free credit score and coach on how to improve your credit. If you don’t already have a service like this we recommend our affiliate partner Credit Karma.
2. Carefully consider your mortgage loan options. There are lots of options and many of them are designed for specific financial scenarios. An experienced loan officer will ask a variety of questions to really grasp your current financial situation. Then they should present you with at least a couple of potential loan programs that will meet your goals and financial scenario.
3. Compare lenders, paying close attention to loan costs and fees. It’s okay and even encouraged to shop for your mortgage. Although most mortgage companies provide very similar loan programs, depending on the experience of the loan officer or structure of the mortgage company rates and fees can vary substantially. When comparing lenders it is essential to compare loan estimates, which are standardized by law and allow you to compare apples to apples, line by line.
4. Always get a loan estimate. The loan estimate is your best tool for comparing loan programs and mortgage lenders. They are standardized and very easy to read. All fees must be disclosed and are required to be within an acceptable ‘tolerance’ from this estimate to the final closing costs. If a loan officer is hesitant to give you a loan estimate before committing to move forward with them–you should find another lender.