Home Mortgage Finder
Home Mortgage Finder. Looking for the best home mortgage for your needs? With so many factors to consider, looking for the mortgage that best caters to your needs can be difficult. Mortgage Finders Network is one such home mortgage finder tool that makes life easier for all of us. Based on your requirements, this nifty free tool compares rates from the nation’s top mortgage lenders in order to offer you the best rates possible.
Factors to consider
Here are the most important factors you should consider when deciding on a home mortgage.
Type of Loan
What type of loan are you looking for? Depending on your current situation, you might be looking to purchase a new home, refinance your current home or draw an equity line of credit from your home.
Fixed or Variable Rate
Should you get a fixed or variable interest rate? As a rule of thumb, go for fixed interest rates when bank rates are at rock bottom. This allows you to lock in to the excellent rates for the rest of your loan.
Here’s another rule of thumb: the shorter the loan length, the lower your interest rates. Although your monthly payments may be slightly lower if you take out a 30-year loan, a 20-year loan would usually help you save much more on interest payments.
Even if you do take out a 30-year mortgage, do not aim to just meet the yearly loan payments – instead try to make at least one extra loan payment a year. Do you know that you can easily shorten a 30-year mortgage by 8 years simply by making one extra mortgage payment a year?
How do I get started?
With so many banks and lending institutions out there, getting started can be frustrating. Mortgage Finders Network cuts through the hassle by doing the heavy lifting for lower interest rates for you. All you have to do is to select your requirements from the drop-down menus available, and it will search through its large database of mortgage lenders to generate the best quotes for you – all for free.