CHAPTER16 Home Loan Shopping 101 n Shopping 101
Some homeowners who are downsizing to smaller, more manageable and suitable space can purchase their next homes outright, while others need financing for purchasing a home through a loan. If this is or will be the case for you as you transition into the next chapter of your life, then it’s important for you to shop around to find the best loan rate possible for you. You need to do this before you make an offer on a new home, regardless of its type or size, because, as we’ve gone over before, the deal could go sour at the end, and you’ll have gone through all the other steps for nothing. It’s also wise to do your home loan shopping before even beginning the home-search process. Too many home shoppers have no problem spending their time looking for a new home; after all, it can be fun and exciting to see what’s out there and picture yourself living in a certain home and your future there. But then, they fail to spend enough time shopping around for a home loan and by this time, they’ve become emotionally attached to a home they can’t afford or aren’t financially prepared for. Many buyers simply don’t understand the importance of shopping for a loan, finding a loan, and finding a good loan. When this happens, the new homeowner might have a great home, but a bad mortgage deal. Don’t let this happen to you! This chapter will dig deeper into the details and steps involved in navigating the process of shopping for a home loan (or a mortgage).
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