Home, first-time buyers, mortgages

Finding a lender

You can finance a home with a loan from a bank, credit union, private mortgage company, or various state government lenders. When you decide to buy a house you will have to shop for a loan, which like a regular shopping for any other large purchase. You have to look around for the best price, and every thousand counts. Lenders can offer quite different interest rates and loan fees. The lower interest rate the less money you’ll have to pay in the long run. You will have to talk with several lenders before you pick one. The approval process may take several weeks. The real estate broker that you decide to hire is familiar with lenders in the area. Or you can look in your local newspaper’s real estate section which lists interest rates. You can find FHA-approved lenders in the Yellow Pages of your phone book.