Finding the right mortgage loan can be very hard and frustrating. Especially, if it is your first time of taking a loan. Buying a house and taking a mortgage loan on the house is a big step for you since it involves a lot of risk. You probably don't know what to do or where to go.
The very first step you need to take is to shop around for lending companies offering mortgage loans. You can do research in the internet or personally talk to people who are experts in the field. Check out not only three but more than six lending companies and get estimates or quotes from each company to be able to compare.
Never allow a company to encourage you to commit fraud by claiming that the loan is intended for business use when in fact it is for personal, family or household use. A loan that is based in wrong information will never get far nor prosper.
wary of prepayment penalties. Prepayment penalties are incurred when you make advance payments for your loans. The company will obligate you to pay the lending company six months worth of interest that you just paid in advance. So in the long run you still had to pay the interest even if you have made advance payment of the loan.
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