When Shopping For A Mortgage, Get Multiple Quotes

I’ve had clients tell me that they are afraid to shop around when it comes to buying a mortgage, primarily because they are afraid of the hit their credit may take. There are so many options out there when it comes to getting a mortgage - credit unions, mortgage brokers and banks. And then there’s all the places that are strictly online. People get overwhelmed with the APR and PMI’s of it all. Make sure that you get two or three quotes, and that you look closely at the terms of the loan before you make a decision. The further away the APR is from the actual interest rate of the loan, the more the “cost” of the loan is. You want those numbers to be as close as possible. And credit bureaus will give you a break when you’re mortgage shopping. All mortgage applications done within the same 45 day window count as one inquiry. And if you don’t understand a figure or a quote, ask your lender to explain it. And if you still don’t understand, it’s likely your real estate attorney can help as well.