The process of choosing the right loan can be daunting. There are a plethora of mortgage companies offering competitive rates and loan terms. So, how do you determine which company is right for you?

Much like the process of searching for the right home; investigating the right loan can be time-consuming. You should feel comfortable with the company's representatives and loan officers. After all, you will be spending quite a bit of time and energy with these folks and sharing personal financial information as well. Meet your loan officer and ensure he/she has your best interests at heart. Consider a firm with roots in your community; these folks have a vested interest in ensuring your long-term satisfaction and subsequent referrals.

Do your research. Be aware and informed of all fees and other miscellaneous costs associated with obtaining a loan. Ask questions. You need to be aware of the type of mortgage the lender is recommending; is it a 15 or 30 year fixed loan? Is it an ARM? If so, how will that affect future payments? Be sure to inquire as to the interest rates, length of loan, and down payment. You will also need to know if you have to pay PMI (private mortgage insurance), your estimated monthly payment, Escrow for taxes and insurance and additional fees associated with closing costs, i.e. appraisal, lender fees, title fees, etc.

Whew, that's quite a bit of information! Don't worry, it's completely natural to feel overwhelmed the first time you engage in this process. This is why the right company and mortgage truly matters. Your loan officer will walk you through the process step by step; from providing a checklist of documents required for the loan application to advising you about your best options for interest rates and terms.

We have attached a mortgage worksheet provided by Freddie Mac® to help you choose the perfect loan: Click The Link Below To Download The Worksheet!!

Click Here To Download a Free Mortgage Shopping Worksheet from Freddie Mac

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