Many people do not think about mortgage financing until they enter into a contract to buy a home. In fact, most mortgage lenders will require you to have a signed purchase contract before you can apply for a loan. However, that does not preclude a bit of pre-arrangement on your part at the start of the home shopping process. In fact, it can save valuable time and may give you some negotiating advantage.

This financial pre-planning can take several forms, from basic research to actually starting the loan application process. The most casual effort would be to check current interest rates available from lenders in your area. This task is often simplified by the local newspapers, which commonly compile tables of current mortgage terms and report them weekly in the business, real estate, or “homes” section of the paper. Also, most real estate agents will have a list of current loan terms prepared for your perusal. If you want more information, you can call the lenders on the list. They should be willing to quote interest rates, origination fees and points, application fees, and what types of loans they offer over the phone. More->