Money Talks News: Mortgage Shopping - News, Weather, Sports, Toledo, OH

Money Talks News: Mortgage Shopping

(Source: WTOL) (Source: WTOL)
Money Talks News -

With rates bouncing off historic lows and expected to go even higher, now may be the best time to borrow mortgage money or refinance your existing home loan.

But whether you a novice or veteran, it is still easy to make mistakes on mortgages that have some big effects.

Here are some tips to keep yourself from making those mistakes.

First, make sure you look at your credit before showing it to a lender.

Pull together your credit history at least six months to a year before borrowing. Clean it up and fix any problems to get a better deal on your mortgage.

Second, get pre-approved before shopping.

Not getting pre-approved for a loan without shopping is like leaving your wallet before heading to the mall.

Speaking of shopping, spend time looking for the best deal available.

According to the Consumer Financial Protection Bureau, nearly half of borrowers do not shop for a mortgage. But shopping around can save you big money.

Another good idea is to pit lenders against each other. Make them compete for your business.

Finally, do not focus so much on the rate that you ignore fees. Mortgages can often be loaded with fees.

Shopping for a dream home is always more fun than shopping for a mortgage to pay for it.

However, shopping around can save tens of thousands of dollars.

For more information on mortgage shopping, head to the Money Talks News website and search for "Mortgage Shopping."

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