Two of the biggest mistakes mortgage shoppers make is to choose a lender because they have the lowest rate and not getting the offer in writing or review the Good Faith Estimate. Use the mortgage payment calculator and comparison mortgage calculators to compare different loan programs to evaluate the monthly mortgage payments, costs and the time it takes to payoff the loans. Once you are comfortable with a specific loan product, use the mortgage calculators again to compare the rate, point and closing costs between competing lenders. Mortgage calculators can provide some of there greatest benefit by aiding the mortgage shopper. And make sure you shop. Pay close attention to points, discount and origination fees, the annual percentage rate (APR), and all other closing related fees. Use the mortgage calculators to compare closing costs and APR’s to make an informed choice between lenders and choose the lender that offers the loan product best suited for your needs with a competitive rate and terms. Take control of mortgage choices, its your loan first – not the lenders.
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