Tips On Finding A Compatible Mortgage @ (NAPSA)—Finding the mortgage that’s right for you can be a bit like dating. Before you settle in to a committed relationship, it’s important to find out if you and the mortgage—and the lender—are really compatible for the long haul. Here’s a checklist full of tips to help you find the mortgage that’s right for you. Your Mortgage Compatibility Checklist: Start by determining what you can afford to pay for a house. Request a copy of your credit report and makesureit’s current. Credit reports are used by lenders to determine the mortgage type and amount you will qualify for— and the interest rate you'll pay. Talk to multiple lenders to better understand what you qualify for. Also, use tools like the mortgage calculator on Home Loan Learning Center (www.homeloan learningcenter.com) andothersites. Reviewall the aspects of the loan you're considering, including rates, total monthly amounts and payment changes. If you have questions, ask. And if you're not entirely clear about the answeryou receive, ask again. Get a full explanation of any terms in your mortgage you don’t completely understand. Shop around. Remember, the lender your neighbor used or the oneclosest to your homeor office may not be the best for you. Compare the different types of mortgages and interest rates offered by different lenders to make sure you select one that’s the best match for you. A different interest rate can have a much larger impact on your monthly payment than a $20,000 difference in the price of a house. Get prequalified for a loan. Work with your lender. Your lender will need infor- mation from you to provide information on the various loan products that meet your needs. Ask about closing costs, whetheryou will incur costs if you refinance or pay your mortgageoff early, and any other fees you’re not sure about. Knowthesigns of fraud. If you’re encouraged by a lender to include false information on an application, something’s wrong. If someone asks you to leave a signature line on an important document blank, don’t doit. If your loan amountis higher than the value of the home, stop —and ask more questions. For more information about mortgages and homebuying, visit the Mortgage Bankers Association consumer education Website at HomeLoanLearningCenter.com. It’s available in English or Spanish.
