what looks attractive upfront.
Mortgage rates can change quickly, which makes timing and rate locks important. Most importantly, lender approval does not equal affordability. Just because you’re approved for a certain amount doesn’t mean it’s wise to borrow it. Some loans stretch buyers beyond what’s comfortable or sustainable. The number that matters most is what you can afford, not what a lender is willing to offer.
HIRE A MORTGAGE PROFESSIONAL
Loan shopping doesn’t have to be a solo sport. A qualified mortgage professional or mortgage broker can help you compare options, explain terms, and structure financing that fits your goals. This role is separate from your buyer’s agent, though your agent can often recommend reputable professionals. While your longtime bank may be one option, banks typically offer a limited range of loan products. Mortgage brokers, by contrast, work independently and can access multiple lenders, giving you broader choices and more flexibility to find the right loan—not just the most convenient one.
Follow the steps below to get the best loan that works for you.
Step #1. Compare Interest Rates
Interest rates change often, so compare multiple lenders before choosing a loan. A mortgage professional can help you track current rates, explain the fine print, and identify hidden fees behind advertised offers. Don’t accept the first quote you receive—review several options, ask questions, and focus on the rate and terms that truly fit your long-term budget.
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