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Buying a house is the single most important investment you will ever make in your life, so why is finding the right mortgage loan so difficult?
In our time, it is usually impractical to buy a house and not get a mortgage, as it goes together, like bees and honey. So how come many people have difficulties associated with the mortgage lending process?
The fact is, it's getting even harder to prove your worth to a mortgage lending company. You have to have good credit rating, and sometimes, even that is not enough. The biggest mistake most people make is that they do not know how to go mortgage shopping!
What is mortgage shopping?
Mortgage shopping is the advent of innovation that allows us to find lenders without literally going outside. We now live in an era, with a fantastic tool called the internet. The World Wide Web has allowed us to find mortgage lenders with a single click of the mouse, and better yet, we can simply fill out a mortgage quote application online and lenders will compete for our business.
How does this process work?
The process is fairly ingenious, and saves a tremendous amount of time, and helps to accurately query the best mortgage programs available, and lets you apply for the best suited mortgage loan online. With just a few taps on your keyboard, and a click of your mouse, you will get access to thousands of mortgage lenders, who are trying to compete for your business.
You can simply browse through various top lending agencies that will find and match you up with mortgage lenders across the nation that best fit your financial needs. This helps to save time by getting you in touch with mortgage lenders that are offering specific services which fit your requirement.
There is always no obligation when you apply for a free mortgage quote, and feel secured as the application form is SSL encrypted, making it 100% safe and hacker proof.
Make the best choice, save time, compare multiple lenders instantly, and start applying now for free mortgage quotes online.
Choosing the right Mortgage Lender for your home can be a daunting task. By applying online for a Mortgage Quote you can find Lenders instantly. Apply today for your Free Mortgage Quote!
There are many kinds of mortgage loans available. Some may fit your needs better than others, so it is a good idea to take a look at the options early on in your mortgage shopping.
Adjustable Rate Mortgage (ARM)
This is a home loan that offers an interest rate that can change over the duration of your mortgage term. As the national prime rate goes up and down with the economy, the rate of interest you pay on your mortgage is adjusted. The amount of your loan payment will fluctuate both up and down throughout the term of your mortgage with this kind of loan.
Fixed Rate Mortgage
This type of mortgage uses the same interest rate for the entire term of the loan. Many people like a fixed rate mortgage because they know exactly what the monthly payment will be for years into the future. This is good when monthly budgeting is a big concern. A fixed rate mortgage is an excellent way to go when interest rates are very low because it ensures that you will save money in later years when the rates are back up again.
Rate Reduction Option Mortgage
Some mortgages include a rate reduction option. This option allows you to lower the interest rate on your loan later on if the interest rates go down and it is particularly suitable for anyone who is getting into a mortgage when the interest rates are on the high side. This type of mortgage provides the comfort of knowing that savings can be had later on without having to completely refinance the mortgage when rates go down. Rate reduction options are different than ARM in that you choose if and when you will use the available option.
Interest Rate Capped Mortgage
For those who are attracted to the flexibility of an adjustable rate mortgage but are afraid of what could happen if the interest rates soar, a rate cap option is available from many lenders. This type of loan works the same as an ARM except that a ceiling is placed on how high the interest rate will go during the term of your mortgage. This allows the savings that an ARM can provide while providing the reassurance that your interest rate will not increase more than you can financially afford.
The length of your mortgage should be considered at the same time as you determine what type of loan you feel secure with. For many people, the longest mortgage term available (usually 30 years) is the most comfortable because it usually means lower monthly payments. Other people want to be out of debt as early as possible and they are more comfortable with a shorter term loan that helps them reach that goal. Most mortgages run from 20 to 30 years but some lenders offer 15 year loans now as well so you will need to decide what time frame you are most comfortable with.