1. Never pay a fee in advance of your home loan funding. Up front fees give the lender leverage over the borrower. Since the lender already has some of your money....it's difficult to haggle at the closing.

2. Avoid lenders who use terms like deferred interest or negative amortization. What they're saying is..the amount of your payment won't cover the interest you owe...which is added to the balance of your loan...and that costs you even more interest.

3. Avoid adjustable mortgages that offer a teaser start rate when possible. Real Estate agents love them because they can sell you a more expensive house. Which seems like a good idea until your payment goes up!

4. A 30 year fixed mortgage protects you for the future. Your monthly payment and interest rate will never go up. If rates go down...you can refinance at the lower rate. Often with no closing costs.

5. Mortgage brokers are different from a direct lender. Brokers can not approve or fund your loan. Instead they become middlemen usually selling your loan to a direct lender who pays them the most for it.

6. Before you apply for a loan...ask what will happen if you change your mind or decide to fund through someone else. Many lenders have cancellation charges as high as several thousand dollars. Insist on no cancellation fees before you apply.

7. Real Estate companies often have financial relationships with mortgage companies to make extra money. To protect yourself from excessive charges...always shop your loan with a lender your agent has not recommended.

8. The better your credit, the better rate you should get because your loan is not as risky as others. You worked hard to get a good credit rating; take advantage of it.

9. The shorter term the lender has to fix the rate, the lower the rate will be. This is because the lender is able to push future interest rate risk on to you. Remember what is good for the lender is generally bad for you. Fix the rate for the term you will have the loan.

10. The life cap of a adjustable mortgage is the highest rate your adjustable can go to. In today's market that rate is generally somewhere between 11% and 13% giving the lenders protection far into the future. If you don't think that should scare you, just ask the lender to lower it and see what it is .

11. Even no closing cost loans have hidden closing cost because you pay a slightly higher rate for this loan. The advantage to it is that if you get a no closing cost loan and rates drop afterwards, you can refinance again with out losing the closing costs you paid the first time.

12. Almost all fixed rate loans are ultimately sold to big companies known as Fannie Mae and Freddie Mac. Since their loan approval standards are almost the same, you can take the documents you've pulled together for processing for one lender, and move them to another lender who will give you a better deal.

13. With modern technology having advanced so much, it is no longer necessary to sit down with a loan officer to apply for a mortgage. You generally save a lot of money by applying over the phone in or about 20 minutes whether you are across the street or across the country.

14. Your agent may push very hard for you to use one lender or another. You are not obligated whatsoever to follow their recommendation. You are free to tell them who you want to use. After all they work for you, and it is your money.

15. When someone buys a house, the excitement can sometimes blind that person to the details of the financial obligation they will be undertaking. Investigate the financial fine points carefully and make up your own mind regarding what is the best loan for you .

If you are already familiar with our products and would like more information, please call 1-888-845-8888