Buying a home is one of the biggest decisions you’ll ever make in your life.
In this article (part of a series), we’ll take a look at what to know about buying a house as a first-time homebuyer as well as give tips for how to avoid buyer’s remorse.
2. You’ll want to talk to more than one lender
It pays to shop around for a home loan, but saving money is only one of the benefits.
When you compare lenders, you’ll have a better grasp on lender origination fees, mortgage insurance premiums, third-party fees, and more. Shop with a variety of lenders, such as local mortgage specialists, big banks, and online lenders. Finding the right mortgage is every bit as important as finding the right home for you.
Even if you think you have a great deal, you should still shop around. Different lenders offer different rates. Choosing the wrong lender could wind up costing you tens of thousands of dollars over the lifetime of your loan.
You’ll also want to remember that your mortgage payment will include taxes and homeowner’s insurance, and sometimes HOA fees, too. Whatever number you are quoted for your monthly mortgage payment, you’ll want to add those two items on top of it so that you know what your full mortgage payment amount will be.
Stay tuned for the next part in this series!