Finance Source


		The loan officer (or loan agent). This individual processes the mortgage loan on your property and can be affiliated with one of many lending institutions. He or she will make sure you're a good credit risk and are financially able to handle the payments on the loan. The loan officer is the one who qualifies the buyer and negotiates the financial arrangements for the lender. Just know that loan officers earn their fees from the interest rate they charge you. So make sure you are aware of what you're being charged—interest rate and points—so you can be a competitive shopper. The bank and beyond. Selecting the right mortgage will take some footwork, but shopping around to get the lowest interest rates can save you thousands of dollars over the life of a loan. Here are some places to start: • Savings banks • Commercial banks • Savings and loan institutions • Mortgage bankers/mortgage companies (in business solely to originate mortgage loans) • Mortgage brokers (search many different lenders to match with borrowers) • Credit unions • A real estate attorney who specializes in mortgage law Keep in mind: • Work with a lender who approves your loan locally, not in some far-off city. • Remember, everything's negotiable. Don't be afraid to ask the lender you want to deal with to match the interest rate of the lowest-price lender. • Consult your real estate attorney or real estate agent for good lenders that meet deadlines. • Meet with your loan officer early in the process to ensure that you know what your total monthly payments will be, the cost of the lender fees and what paperwork you'll need to provide.