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Two of the biggest factors that can affect your mortgage payment are interest rates and mortgage
length. First, let’s talk about interest rates. Here’s some easy advice: Get the lowest rate possible
without paying points or additional fees.
It doesn’t matter from which bank or lender you get your mortgage (as long as it is reputable). In all
likelihood, your mortgage will be sold to one or more lenders during the life of your loan. It means
nothing to you except you will be writing your check to someone else.
Therefore, find the lowest rate possible. My recommendation is to use a local well-known mortgage
broker, who can look at hundreds of lenders (from different states) and find the one with the lowest
rates and best terms (low fees, no points, and minimal closing costs). One caveat to remember:
Mortgage brokers earn their fees by bringing borrowers to lenders. However, they also build their
reputation and business by bringing borrowers good deals (favorable interest rates).
Do your own homework by researching through the Internet and by going to a couple of local banks.
Remember, bank loan officers are limited to offering rates offered by their specific bank. When
you’re ready to get the loan, sit down with the mortgage broker and compare the broker’s rates/terms
with the information you found.
Remember, you are looking for the lowest rate with the best terms regardless of the lender.

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