Mortgages

When you are ready to shop for a mortgage loan, you can work directly with a mortgage lender or with a mortgage broker who represents many individual mortgage lenders.

Mortgage lenders are lending their own money, they have an in-house mortgage program, and the mortgage lender makes the final decision on your application. Mortgage brokers are intermediaries who represent many lenders and mortgage loan programs. If you have special financing needs or just want to shop for the best mortgage deal, an experienced mortgage broker may be the best choice.

Choosing a mortgage lender is only the first step. Other costs that need to be considered and shopped for are: the total cost of the mortgage loan, including the mortgage's interest rate, broker fees, points (each point is one percent of the amount you borrow), prepayment penalties, the mortgage term, application fees, credit report fee, appraisal, etc.