SayLending.com

Review this brief loan analyzer to link to product information that might fit your required needs.

Note: this guide only recommends mortgage products that address a certain need. Your actual need may result in a different loan selection.

1  if I could get a lower rate, I would be comfortable if my monthly mortgage payment changed:

1. Monthly
   
2. Every Year
   
3. Once after the 3rd or 5th Year
   
4. Never

2  I expect to remain in my new home:

1. For less than three years
   
2. Between five and seven years
   
3. At least ten or more years

3  I expect my income to increase significantly:

1. Each year
   
2. Within three to five years
   
3. My income is fixed and it will not rise significantly over time

4  I would like to repay my mortgage loan:

1. Quickly, so that I can build equity
   
2. At a normal pace
   
3. Within at least fifteen years

5  Select the answer that best describes your situation:

1. I don't have much for a down payment, but my gross income is above median levels. My relatives plan to help me with the down payment.
   
   
2. I have a small down payment and my gross annual income is below median levels
   
   
3. I am a veteran of the U.S. Armed Services
   
   
4. I am ready to build my own home
   
   
5. I am a first time home buyer with little-to-moderate income
   
   
6. I have an existing home to sell and plan to use the proceeds on a large, expensive home
   
   
7. I would like to use my investments as collateral for my down payment
   
   
8. I could use some extra income while in my retirement.
   
   
9. I plan to buy a home in a rural community
   
   
10. My credit is not so good, but I am working to clean it up

1  consider whether you are eligible for special loan programs such as VA Loans, Low-Income Loans, RWS Loans, etc. — see product information

2  decide on the term for your mortgage loan by comparing monthly payment amounts that fit within your budget; ex. 15-Yr repayment terms vs. 30-Yr repayment terms — try this calculation

3  compare the APRs among lenders (or brokers) with similar products — eliminate those lenders who have higher APRs — use this mortgage shopping worksheet as a comparison guide — FREE download

4  now view the products with similar APRs — compare the number of points lenders (or broker) charge for the product — view our notes on "points"

5  eliminate those lenders (or brokers) who charge higher up-front points — it will cost you more if you decide to remain in you home for only a few years

6  eliminate any lender (or broker) that has prepayment penalties — this will prevent you from prepaying down your mortgage — or negotiate to have this prepayment penalty clause removed

7  check the reputation of the lender (or broker) before you finalize your selection — do they service their customer, impose unnecessary fees, etc.

check your Better Business Bureau

lookup your local government consumer affairs division