Register Real Estate Advisors

Finding the perfect home is a task, but shopping for the best home loan can be even more tedious. With so many lenders promising low rates, closing costs and little or no down payment requirements, it’s often difficult to know which way to turn. Luckily, there are several steps that you can take to find the right lender for your individual needs.

Assess Your Situation

Do you know what your credit score is? If not, you should. Most lenders rely on this triple digit number to determine both your creditworthiness and interest rates. If you have excellent credit, you can probably work with almost any lender. If you have severe blemishes in your financial past, however, finding the right lender may require a little more footwork.

How much money do you have for a down payment? If you are on a budget, you will need to choose a lender that can help to get you into a home with a minimal down payment. Knowing where you stand will give you a good idea as to which lender you need to work with.

Compare Rates

As is the case with anything in life, it pays to shop wisely. Because a home is the largest investment that most people will ever make, it stands to reason that comparison shopping is a must. As you speak with various lenders, ask about their rates, loan terms, qualification process and down payment requirements. (more…)

WASHINGTON, D.C. (Bankrate.com) – Texas has the second-highest closing costs in the country, according to Bankrate.com’s annual survey.

On average, the origination and third-party fees on a $200,000 mortgage in Texas this year total $4,708.

 The highest closing costs on the same mortgage elsewhere in the country is in New York, at $5,623.

 Nationally, the average closing cost is $3,741, a 36.6 percent increase over 2009.