Shopping for a mortgage isn't done very comprehensively by consumers. Borrowers not fully understanding what their loan entails has been one of the driving factors of defaults in the past couple of years. The more information the consumer has UPFRONT, the higher likelihood they will pick the right product for them and the less likely they will go into default.
Consumers spend on the average just five hours researching their home loan. However, the consumer spends the same amount of time researching where they want to go on their latest vacation and 60% more time researching the next car they will buy.
How can you best find out what is the right lender and product for you? Ask people you trust who have recently obtained a home loan to tell you if their loan experience was good, and who their lender was for their financing. If you are purchasing, your real estate agent can be a good source of referrals.
Do your own resarch - the internet is one of the best places to start your education regarding home loans. Come prepared with your financial information when you meet with a loan officer. The loan officer will better be able to determine your eligibility for financing and this is your opportunity to ask questions.
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