Additional Links: Educate Yourself | Get Pre-Qualified | Get Pre-Approved | Get Approved

4. Find A Mortgage... What type of loan is right for me? As a general rule, if you plan on living in the home 7 years or longer you could consider fixed rate loans. Otherwise, an adjustable rate mortgage might make more sense. To get specific details on the different loan programs available refer to the rates/trading section. How do I find the best interest rate? Once you have determined which loan program best fits your needs, you need to make sure you are getting the most competitive interest rate. There are a variety of methods to searching for interest rates. Traditionally people have contacted local financial institutions and have reviewed rate monitors published in newspapers. Today's technology allows for immediate review of hundreds of mortgage lenders via the Internet. The MortgageTrader pool will not only allow perspective buyers to view the competitive rates of our lender base, but will also allow for National network of lenders to bid on your loan. Refer to the rates/trading section for further details. Points/Origination Fee: An amount equal to 1 percent of the loan amount paid in order to lower your mortgage interest rate. The payment of points may make sense in certain purchase situations. Refer to our calculator below to find out if paying points makes sense for you. Lender Fees: Application Fees: An application fee is an up-front fee that a lender charges to begin the processing/underwriting of your mortgage. This fee may vary from lender to lender. Appraisal Fee: Charged for a market evaluation of the property you are purchasing. In many instances the lender will include this fee in the application fee. Credit Report: Charged by a lender to get your credit history. The lender uses this information to decide whether or not to approve the loan and how much money to lend. Underwriting fee: Charged by a lender to evaluate a property and an applicant's credit worthiness and ability to repay the loan. Processing fee: Charged by a lender to cover costs involved with compiling a borrowers financial information for underwiting review. Flood Certificate: Charged by a lender to determine if a property is in flood risk area. Tax Service Fee: Charged by a lender to determine if the property taxes are paid up to date. Document Preparation Fee: Charged by a lender in order to prepare your closing documents. Title Company Fees: Settlement/Closing Fee: Charged by a Title Company or Closing Company for the closer's time and use of the facility. Title Insurance Fee: Charged by a Title Company for an insurance policy that covers a buyer for any claims or charges against the title of the property that they are purchasing. Recording Fees: Charged by a Title Company for recording the mortgage and deed and any associated endorsement. Attorney Fees: Attorney Fee: Charged by an attorney for services such as review of purchase contract and mortgage documents, examination of title binder and representation at the loan closing. Miscellaneous: Survey: Fee for the measurement of land, completed by a surveyor, showing the location, dimension, and any improvements to the land. Transfer Taxes: Fee charged by state or local government as a tax for property changing ownership. Pre-Paid Closing Fees: Pre-Paid Interest: Interest on your mortgage loan paid up front, at closing for interest from the day you close until the end of the month.