4quotesfast.com - Home Purchases

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Buying a home is a big step, and the last thing you want to worry about is whether you're getting a good deal on your mortgage rate. Here at 4QuotesFast, we can give you instant Home Purchase Loan Rates from 100's of the country's most reliable lenders. A little research can save you thousands on your home loan.

The Home Loan Process
Here are some key ideas to remember when considering a home mortgage loan:
   1) Your Interest Rate will determine your monthly mortgage payment.
   2) Paying with Points can lower your loan payment. A point is equal to 1% of your total        loan, so the more you pay at closing, the more you save.
   3) APR is the "Annual Percentage Rate" or the percent cost of the loan. APR is the        equivalent interest on your mortgage factoring in all added loan costs, points and        the interest rate. You can compare loans by comparing their APRs, but be sure they        have the same interest rates, points and terms.
   4) Pre-Qualified vs. Pre-Approved: The idea is quite simple. Pre-qualification is reflects        an estimate of your income and assets as well as a review of your property and        financial documents. Pre-approval provides an actual sum of your income, credit and        assets, and a property appraisal. If you are Pre-Approved, you have a leg up over        other buyers interested in the same property as you.
   5) Understanding Additional Costs: Additional Costs include both closing costs and        initial fees and charges. These costs can be divided into 3 catagories:
              1. Lender-related costs -- including Loan Origination Fees, Loan Discount                   Points, Document Preparation Fees, and Loan Discount Points
              2. Pre-paid costs -- such as Pre-paid Interest, Escrow Accounts, and Property                   Taxes
              3. Third-party fees -- includeing Appraisal Fees, Credit Report Fees, Mortgage                   Insurance, Tax Service, Flood Check Fees, Closing/Escrow/Attorney Fees,                   Title Search, and Title Insurance
       Don't let this overwhelm you, some of these fees are negotiable. Talk to your real        estate agent about working out a reasonable sales contract for you.
   6) The Closing Process basically consists of paying the Closing Cost and signing        documents. You can find your closing cost in the HUD-1 Settlement Statement which        will be given to you prior to the closing meeting. Other closing documents include        the Truth-in-Lending (TIL) Disclosure, Deed of Trust or Mortgage, and The Mortgage        (promissory) note.

  **To learn about the different types of Home Loans, go to the First Time Buyers Page.**