{"id":50439,"date":"2021-04-28T05:35:18","date_gmt":"2021-04-28T13:35:18","guid":{"rendered":"https:\/\/www.credible.com\/blog\/?p=50439"},"modified":"2023-03-21T09:55:32","modified_gmt":"2023-03-21T16:55:32","slug":"how-to-choose-a-mortgage-tips-for-getting-the-best-loan","status":"publish","type":"post","link":"https:\/\/www.credible.com\/blog\/mortgages\/how-to-choose-a-mortgage\/","title":{"rendered":"How to Choose a Mortgage: Tips for Getting the Best Loan"},"content":{"rendered":"<p>Most homebuyers don\u2019t spend a lot of time learning how to choose a mortgage. After all, looking for the right property is the fun part.<\/p>\n<p>But it\u2019s important to know how to pick a mortgage. Buying a home will have a huge impact on your finances, and getting the most affordable <a href=\"https:\/\/www.credible.com\/mortgage\">mortgage<\/a> will allow you to fully enjoy your new home instead of stressing over how much it costs.<\/p>\n<p><b>Here\u2019s how to choose the best mortgage for you in six steps: <\/b><\/p>\n<ol>\n<li><a href=\"#budget\">Set a budget<\/a><\/li>\n<li><a href=\"#type-mortgage\">Find the right type of mortgage<\/a><\/li>\n<li><a href=\"#pick-loan-term\">Pick the right loan term<\/a><\/li>\n<li><a href=\"#fixed-adjustable\">Decide on a fixed-rate or adjustable-rate mortgage<\/a><\/li>\n<li><a href=\"#compare-offers-lenders\">Compare offers from multiple lenders<\/a><\/li>\n<li><a href=\"#get-pre-approved\">Take the next step \u2014 get pre-approved<\/a><\/li>\n<\/ol>\n<p><a name=\"budget\"><\/a><\/p>\n<h2>1. Set a budget<\/h2>\n<p>Before you <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/how-to-get-a-mortgage\/\">get a mortgage<\/a>, you\u2019ll have to budget for two things: the upfront costs of the home purchase and the recurring monthly payments.<\/p>\n<h3>Upfront costs<\/h3>\n<p>The upfront <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/cost-to-buy-house\/\">costs of buying a home<\/a> can be substantial and include:<\/p>\n<ul>\n<li><b>Down payment:<\/b> 0% to 20% of the sale price, depending on your loan program\u2019s requirements.<\/li>\n<li><b>Closing costs:<\/b> Typically 2% to 5% of the sales price, depending on your loan and location. The higher end is more likely to apply if your area charges transfer taxes on home sales. Besides taxes, origination fees and points are the biggest <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/mortgage-closing-costs\/\">closing costs<\/a>.<\/li>\n<li><b>Moving costs:<\/b> A local DIY move might not run you much, but a professional out-of-state move can cost thousands of dollars.<\/li>\n<li><b>Furnishing and sprucing costs: <\/b>While totally optional, many people immediately want to do things like paint their new home\u2019s interior, replace the flooring, and buy things like window coverings, a guest bed, or home office furniture.<\/li>\n<\/ul>\n<div class=\"basic-box\" style=\"border: 1px solid #E2E4E6;\"><div class=\"basic-box__inside\"><b>Tip: <\/b>Plan on <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/how-much-down-payment\/\">making a down payment<\/a> of at least 3% for a conventional loan. If you can put down 20%, you won\u2019t have to pay for mortgage insurance.<\/div><\/div>\n<h3>Recurring costs<\/h3>\n<p>The best mortgage options can minimize the recurring costs in your monthly mortgage payment.<\/p>\n<ul>\n<li><b>Principal and interest:<\/b> Your principal is the amount you borrow to purchase a home. Interest is the cost of borrowing that money. The lower your principal and interest rate, the lower your monthly payment will be.<\/li>\n<li><b>Property taxes and homeowners insurance:<\/b> Your lender may require you to pay a portion of your annual property taxes and homeowners insurance with each mortgage payment, especially if you put down less than 20%. If not, you\u2019ll need to set that money aside yourself to pay these bills when they\u2019re due.<\/li>\n<li><b>Mortgage insurance:<\/b> If you don\u2019t meet the down payment requirements for your loan, you\u2019ll likely have to pay for <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/mortgage-insurance\/\">mortgage insurance<\/a>. For a conventional loan, these costs would be part of your monthly mortgage payment.<\/li>\n<li><b>HOA dues:<\/b> <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/homeowners-association\/\">If your home belongs to an association<\/a>, you\u2019ll need to budget for monthly association dues, though you\u2019ll pay them separately from your mortgage.<\/li>\n<\/ul>\n<h3>Debt-to-income ratio<\/h3>\n<p>Creating a budget will also allow you to figure out how much of your monthly income is going toward debt. To qualify for a loan, you\u2019ll want to make sure your <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/dti-for-mortgage\/\">debt-to-income ratio<\/a> is no higher than 50%.<\/p>\n<p>So, if your monthly income is $6,000 and you\u2019re already spending $1,000 per month on loans and credit card payments, make sure to budget no more than $2,000 toward your monthly mortgage payment.<\/p>\n<p>Find out how much you might owe monthly \u2014 and over the life of a loan \u2014 using our mortgage payment calculator below.<\/p>\n<div class=\"calculator loan\">\n<div class=\"inputs container\">\n\n\t<p>Enter your loan information<span class=\"hidden-md-up\"> to calculate how much you could pay<\/span><\/p>\n\n  <div class=\"row form-groups\">\n  <div class=\"col-xs-8 col-lg\">\n    <div class=\"form-group\">\n  \t\t<label for=\"loan-amount\">Loan amount<\/label>\n  \t\t<span class=\"badge badge-pill\" data-toggle=\"tip\" data-placement=\"top left\">\n  \t\t\t?\t<span class=\"tip \">\n\t\t<span class=\"tip-content\">Enter the total amount borrowed<\/span>\n\t\t<span class=\"tip-arrow\"><\/span>\n\t<\/span>\n\t  \t\t<\/span>\n  \t\t<span class=\"input-group loan-amount\">\n  \t\t\t<span class=\"input-group-addon\">$<\/span>\n  \t\t\t<input type=\"number\" value=\"250000\" step=\"1000\" name=\"loan-amount\" id=\"loan-amount\" aria-label=\"Loan amount\" class=\"form-control\" inputmode=\"numeric\" pattern=\"[0-9]*\">\n  \t\t<\/span>\n    <\/div>\n  <\/div>\n  <div class=\"col-xs-6 col-lg\">\n    <div class=\"form-group\">\n  \t\t<label for=\"interest-rate\">Interest rate<\/label>\n  \t\t<span class=\"badge badge-pill\" data-toggle=\"tip\" data-placement=\"top left\">\n  \t\t\t?\t<span class=\"tip \">\n\t\t<span class=\"tip-content\">Enter your annual interest rate<\/span>\n\t\t<span class=\"tip-arrow\"><\/span>\n\t<\/span>\n\t  \t\t<\/span>\n  \t\t<span class=\"input-group interest-rate\">\n  \t\t\t<input type=\"number\" value=\"6\" step=\".01\" min=\".01\" max=\"100\" name=\"interest-rate\" id=\"interest-rate\" aria-label=\"Interest rate\" class=\"form-control\">\n  \t\t\t<span class=\"input-group-addon\">%<\/span>\n  \t\t<\/span>\n    <\/div>\n\t\t<span class=\"between\">or<\/span>\n  <\/div>\n  <div class=\"col-xs-6 col-lg\">\n    <div class=\"form-group\">\n  \t\t<label for=\"loan-term\">Fixed loan term<\/label>\n  \t\t<span class=\"badge badge-pill\" data-toggle=\"tip\" data-placement=\"top left\">\n  \t\t\t?\t<span class=\"tip \">\n\t\t<span class=\"tip-content\">Enter the amount of time you have to repay your loan<\/span>\n\t\t<span class=\"tip-arrow\"><\/span>\n\t<\/span>\n\t  \t\t<\/span>\n  \t\t<span class=\"input-group loan-term\">\n  \t\t\t<input name=\"loan-term\" value=\"30\" step=\"1\" min=\"1\" max=\"50\" id=\"loan-term\" aria-label=\"Loan term\" type=\"number\" class=\"form-control\" inputmode=\"numeric\" pattern=\"[0-9]*\">\n  \t\t\t<span class=\"input-group-addon\">years<\/span>\n  \t\t<\/span>\n    <\/div>\n\t<\/div>\n\t<\/div>\n\n<\/div>\n<div class=\"outputs container\">\n\n  <div class=\"results row\">\n  <div class=\"col-xs-6 col-sm-4 col-md-6 col-lg-4\">\n  \tTotal Payment\n  \t<big>$<span class=\"total-payment\"><\/span><\/big>\n  <\/div>\n  <div class=\"col-xs-6 col-sm-4 col-md-6 col-lg-4\">\n  \tTotal Interest\n  \t<big>$<span class=\"total-interest\"><\/span><\/big>\n  <\/div>\n  <div class=\"col-xs-12 col-sm-4 col-md-12 col-lg-4\">\n  \tMonthly Payment\n  \t<big>$<span class=\"monthly-payment\"><\/span><\/big>\n  <\/div>\n  <\/div>\n\n  <p class=\"results-sentence\">\n    With a\n    <strong>$<span class=\"output-loan-amount\"><\/span><\/strong>\n    home    loan, you will pay\n    <strong>$<span class=\"monthly-payment\"><\/span><\/strong>\n    monthly and a total of\n    <strong>$<span class=\"total-interest\"><\/span><\/strong>\n    in interest over the life of your loan. You will pay a total of\n    <strong>$<span class=\"total-payment\"><\/span><\/strong>\n    over the life of the\n    mortgage.\n  <\/p>\n\n  \n  <div class=\"cta\">\n    \n  <\/div>\n\n<\/div>\n<\/div>\n\n<hr \/>\n<p><a name=\"type-mortgage\"><\/a><\/p>\n<h2>2. Find the right type of mortgage<\/h2>\n<p>There\u2019s not one best type of mortgage. Different mortgages satisfy different needs. Here are the most common <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/types-of-mortgage-loans\/\">types of mortgages<\/a> to help you choose the right loan for you:<\/p>\n<h3>Conventional loan<\/h3>\n<p class=\"featured-box featured-box--isBlue\"><b>Best for:<\/b> Homebuyers with a credit score of 620 or higher<\/p>\n<p><a href=\"https:\/\/www.credible.com\/blog\/mortgages\/conventional-mortgage\/\">Conventional loans<\/a> are widely available, but they can be harder to qualify for than government home loans. To qualify, you\u2019ll need to put at least 3% down and have a <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/credit-score-for-home-loan\/\">credit score<\/a> of 620 or higher.<\/p>\n<p><div class=\"basic-box\" style=\"border: 1px solid #E2E4E6;\"><div class=\"basic-box__inside\"><\/p>\n<h3><span style=\"font-size: x-large;\"><strong>Credible makes finding a mortgage easy<\/strong><\/span><\/h3>\n<h6 class=\"accent--isGrayLight\">Compare prequalified mortgage rates from top lenders in just 3 minutes.<\/h6>\n<ul class=\"list--iconArrow accent--isGreen list--iconCheckmarkSolidCircle\">\n<li>Personalized rates, not generic<\/li>\n<li>One simple, safe TLS-encrypted form<\/li>\n<li>No spam calls from lenders<\/li>\n<li>Checking rates is free, with no commitment<\/li>\n<\/ul>\n<p style=\"text-align: center;\"><a class=\"btn btn-warning\" href=\"https:\/\/www.credible.com\/mortgage\/form\/property-stage?utm_source=wp-credible&amp;utm_medium=mp-box-cta&amp;utm_campaign=seo\" target=\"_blank\" rel=\"noopener\">Find My Rate<\/a><br \/>\n<!-- TrustBox widget - Micro Combo --><\/p>\n<div class=\"trustpilot-widget\" data-locale=\"en-US\" data-template-id=\"5419b6ffb0d04a076446a9af\" data-businessunit-id=\"5536ec090000ff00057eebe7\" data-style-height=\"20px\" data-style-width=\"100%\" data-theme=\"light\"><a href=\"https:\/\/www.trustpilot.com\/review\/www.credible.com\" target=\"_blank\" rel=\"noopener noreferrer\">Trustpilot<\/a><\/div>\n<p><!-- End TrustBox widget --><\/p>\n<p><\/div><\/div><\/p>\n\n<h3>Jumbo loan<\/h3>\n<p class=\"featured-box featured-box--isBlue\"><b>Best for:<\/b> Homebuyers in expensive markets who can put down at least 10%<\/p>\n<p><a href=\"https:\/\/www.credible.com\/blog\/mortgages\/jumbo-loans\/\">Jumbo loans<\/a> are mortgages with balances larger than the conforming loan limit. In 2022, the limit is $647,200 in most areas but goes up to $970,800 in higher-cost areas. You\u2019ll need a score of at least 680 to qualify.<\/p>\n<h3>FHA loan<\/h3>\n<p class=\"featured-box featured-box--isBlue\"><b>Best for: <\/b>Homebuyers with a credit score below 620<\/p>\n<p>You can get an <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/fha-loans\/\">FHA loan<\/a> with a credit score as low as 580 when you put 3.5% down \u2014 and as low as 500 when you put 10% down. Some lenders require higher scores, and you\u2019ll pay for upfront and monthly mortgage insurance premiums.<\/p>\n<h3>VA loan<\/h3>\n<p class=\"featured-box featured-box--isBlue\"><b>Best for: <\/b>Qualifying military members, veterans, and eligible spouses<\/p>\n<p><a href=\"https:\/\/www.credible.com\/blog\/mortgages\/va-loan-requirements\/\">VA loans<\/a> have an upfront guarantee fee but no monthly mortgage insurance. If you or your spouse has served in the U.S. military, you may be eligible for a VA loan. It\u2019s best to have a credit score in the mid-600s or higher.<\/p>\n<p><em><strong>Check Out: <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/va-loan-vs-conventional-loan\/\">VA Loan vs. Conventional Loan: How to Choose<\/a><\/strong><\/em><\/p>\n<h3>USDA loan<\/h3>\n<p class=\"featured-box featured-box--isBlue\"><b>Best for:<\/b> Very-low-income to moderate-income buyers in qualifying suburban and rural area<\/p>\n<p>USDA loans allow you to put nothing down, and they have no minimum credit score requirement. But they have extra costs: a guarantee fee and annual fee.<\/p>\n\n<table id=\"tablepress-663\" class=\"tablepress tablepress-id-663 table table-border-top table-rounded table-no-img-margin table-capitalized-column-titles\">\n<thead>\n<tr class=\"row-1\">\n\t<th class=\"column-1\"><strong>Loan type<\/strong><\/th><th class=\"column-2\"><strong>Loan term <br \/>\n(years)<\/strong><\/th><th class=\"column-3\"><strong>Average rate<\/strong><\/th><th class=\"column-4\"><strong>Down payment required<\/strong><\/th>\n<\/tr>\n<\/thead>\n<tbody class=\"row-striping row-hover\">\n<tr class=\"row-2\">\n\t<td class=\"column-1\">Conventional<\/td><td class=\"column-2\">10, 15, 20, 30<\/td><td class=\"column-3\">3.62%<\/td><td class=\"column-4\">3%<\/td>\n<\/tr>\n<tr class=\"row-3\">\n\t<td class=\"column-1\">Jumbo<\/td><td class=\"column-2\">15, 30<\/td><td class=\"column-3\">3.68%<\/td><td class=\"column-4\">10% - 20%<\/td>\n<\/tr>\n<tr class=\"row-4\">\n\t<td class=\"column-1\">FHA<\/td><td class=\"column-2\">15, 30<\/td><td class=\"column-3\">3.43%<\/td><td class=\"column-4\">3.5% - 10%<\/td>\n<\/tr>\n<tr class=\"row-5\">\n\t<td class=\"column-1\">VA<\/td><td class=\"column-2\">15, 30<\/td><td class=\"column-3\">3.30%<\/td><td class=\"column-4\">No down payment requirement<\/td>\n<\/tr>\n<tr class=\"row-6\">\n\t<td class=\"column-1\">USDA<\/td><td class=\"column-2\">15, 30<\/td><td class=\"column-3\">3.50%<\/td><td class=\"column-4\">No down payment requirement<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n<a name=\"pick-loan-term\"><\/a><\/p>\n<h2>3. Pick the right loan term<\/h2>\n<p>The most common loan term is 30 years, followed by 15 years. Ask yourself these questions when choosing between a <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/15-vs-30-year-mortgage\/\">15- vs. 30-year mortgage<\/a>:<\/p>\n<ul>\n<li>Would you prefer a lower monthly payment or lower total interest costs?<\/li>\n<li>Can you meet financial goals like maximizing retirement savings while making the higher payments on a <a href=\"https:\/\/www.credible.com\/mortgage\/rates\/15-year-fixed\">15-year mortgage<\/a>?<\/li>\n<li>Would you be comfortable putting the cash you save from a low-rate <a href=\"https:\/\/www.credible.com\/mortgage\/rates\/30-year-fixed\">30-year mortgage<\/a> into potentially higher-return stock fund investments?<\/li>\n<\/ul>\n\n<table id=\"tablepress-502\" class=\"tablepress tablepress-id-502 table table-border-top table-rounded table-no-img-margin table-capitalized-column-titles\">\n<tbody class=\"row-striping row-hover\">\n<tr class=\"row-1\">\n\t<td class=\"column-1\"><strong>Loan term<\/strong><\/td><td class=\"column-2\"><strong><center>Pros<\/strong><\/td><td class=\"column-3\"><strong><center>Cons<\/strong><\/td>\n<\/tr>\n<tr class=\"row-2\">\n\t<td class=\"column-1\"><strong>15-year<\/strong><\/td><td class=\"column-2\"><div style=\"text-align: left; padding:0px 25px;\"><ul><li>Lower total interest costs<\/li><li>Lower interest rate<\/li><li>Shorter path to owning a home outright and getting out of debt<\/li><\/ul><\/div><\/td><td class=\"column-3\"><div style=\"text-align: left; padding:0px 25px;\"><ul><li>Higher payment<\/li><li>Less money for other financial goals<\/li><li>Limits your home options<\/li><\/ul><\/div><\/td>\n<\/tr>\n<tr class=\"row-3\">\n\t<td class=\"column-1\"><strong>30-year<\/strong><\/td><td class=\"column-2\"><div style=\"text-align: left; padding:0px 25px;\"><ul><li>Lower monthly payment<\/li><li>More flexibility in your budget<\/li><li>More home options<\/li><\/ul><\/div><\/td><td class=\"column-3\"><div style=\"text-align: left; padding:0px 25px;\"><ul><li>Higher total interest costs<\/li><li>Higher interest rate<\/li><\/ul><\/div><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n<a name=\"fixed-adjustable\"><\/a><\/p>\n<h2>4. Decide on a fixed-rate or adjustable-rate mortgage<\/h2>\n<p>While 30-year and 15-year fixed-rate mortgages are the most popular options when choosing a home loan, you can also pick an <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/adjustable-rate-mortgage\/\">adjustable-rate mortgage<\/a> (ARM).<\/p>\n<p>ARMs have a fixed interest rate for the first few years, and after that, the interest rate will change on a set schedule for the rest of the loan term. The total term will usually be 15 or 30 years.<\/p>\n<p>Credible can help you compare multiple lenders \u2014 check out our partner lenders in the table below.<\/p>\n<div id=\"purchase-rate-table\">\n  Loading widget - purchase-rate-table\n<\/div>\n\n<p>When choosing between a fixed-rate mortgage and an adjustable-rate mortgage, here are some important questions to ask yourself:<\/p>\n<ul>\n<li>Do you plan to move or refinance before the fixed period on the ARM ends?<\/li>\n<li>If you plan to refinance, how does the <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/the-cost-of-refinancing-your-home\/\">cost to refinance<\/a> compare with how much you could save on interest with an ARM?<\/li>\n<li>Are you comfortable with the risk that you may not be able to sell or refinance before the ARM\u2019s fixed rate expires? Could you afford higher monthly payments?<\/li>\n<li>Do you prefer the stability of a fixed rate because you don\u2019t like risk, or because you plan to keep your home long-term?<\/li>\n<li>Are interest rates on ARMs significantly lower than interest rates on fixed-rate loans right now? How much could you save?<\/li>\n<\/ul>\n\n<table id=\"tablepress-664\" class=\"tablepress tablepress-id-664 table table-border-top table-rounded table-no-img-margin table-capitalized-column-titles\">\n<tbody class=\"row-striping row-hover\">\n<tr class=\"row-1\">\n\t<td class=\"column-1\"><\/td><td class=\"column-2\"><strong><center>Pros<\/strong><\/td><td class=\"column-3\"><strong><center>Cons<\/strong><\/td>\n<\/tr>\n<tr class=\"row-2\">\n\t<td class=\"column-1\"><strong>Fixed rate<\/strong><\/td><td class=\"column-2\"><div style=\"text-align: left; padding:0px 12px;\"><ul><li>Monthly payment won't change<\/li><li>Easy to project total long-term costs<\/li><li>Easy to understand<\/li><\/ul><\/div><\/td><td class=\"column-3\"><div style=\"text-align: left; padding:0px 12px;\"><ul><li>Higher rate initially<\/li><li>Can be more expensive for short-term borrowers<\/li><\/ul><\/div><\/td>\n<\/tr>\n<tr class=\"row-3\">\n\t<td class=\"column-1\"><strong>Adjustable rate<\/strong><\/td><td class=\"column-2\"><div style=\"text-align: left; padding:0px 12px;\"><ul><li>Lower rate initially<\/li><li>Can save short-term borrowers money<\/li><\/ul><\/div><\/td><td class=\"column-3\"><div style=\"text-align: left; padding:0px 12px;\"><ul><li>Monthly payment could increase<\/li><li>Hard to project total long-term costs<\/li><li>Loan terms are more complicated<\/li><\/ul><\/div><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n<a name=\"compare-offers-lenders\"><\/a><\/p>\n<p><em><strong>Learn more: <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/interest-rate-cap\/\">Interest Rate Cap: What It Means for ARMs<\/a><\/strong><\/em><\/p>\n<h2>5. Compare offers from multiple lenders<\/h2>\n<p>Never settle for the first offer when you\u2019re shopping for mortgage rates. Without comparing offers from multiple lenders, there\u2019s no way to tell if you\u2019re <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/how-to-get-the-best-mortgage-rate\/\">getting the best mortgage rate<\/a> or the lowest fees.<\/p>\n<div class=\"basic-box\" style=\"border: 1px solid #E2E4E6;\"><div class=\"basic-box__inside\"><\/div><\/div><b>Good to know:<\/b> A Freddie Mac study found that consumers can save an average of $1,500 just by getting two mortgage quotes instead of one. Consumers who get five quotes can save $3,000 over the life of the loan.<\/p>\n<p>Here\u2019s what to consider when deciding between offers from different lenders:<\/p>\n<ul>\n<li><b>Rates:<\/b> You want the lowest rate possible, all else being equal. But there\u2019s often a trade-off between rates and fees. For example, if you get a <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/no-closing-cost-mortgage\/\">no-closing-cost mortgage<\/a>, you\u2019ll usually pay a higher rate.<\/li>\n<li><b>Fees:<\/b> Since there\u2019s a trade-off between rates and fees, it can be helpful to look at your loan estimate and compare the <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/mortgage-apr\/\">annual percentage rate<\/a> (APR) on each loan you apply for. APR combines fees and costs into one number.<\/li>\n<li><b>Time to close:<\/b> If you\u2019re buying a house, closing late can cost you money \u2014 and potentially the deal. Sellers usually prefer buyers who can close quickly, so choosing a lender that can finalize your loan faster may be a priority, especially in a seller\u2019s market.<\/li>\n<li><b>Customer service:<\/b> It\u2019s important to have a responsive and well-informed loan officer to help you through the mortgage process. A good loan officer can answer any questions you might have regarding payment, rates, deadlines, and paperwork.<\/li>\n<\/ul>\n<p><em><strong>Learn More: <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/best-mortgage-lenders\/\">4 of the Best Mortgage Lenders<\/a><\/strong><\/em><\/p>\n<p><a name=\"get-pre-approved\"><\/a><\/p>\n<h2>6. Take the next step \u2014 get pre-approved<\/h2>\n<p>Getting pre-approved helps you know how much you can borrow. Just as important, when you present a lender\u2019s pre-approval letter with your purchase offer, the seller will know you\u2019re a serious buyer and may be more likely to accept your offer.<\/p>\n<p>Getting pre-approved with multiple lenders is a great way to find the best loan for you, whether that means securing the lowest rate, the lowest fees, or maximizing your borrowing power.<\/p>\n<p><b><i>Keep Reading: <\/i><\/b><\/p>\n<ul>\n<li><a href=\"https:\/\/www.credible.com\/blog\/mortgages\/how-to-find-best-mortgage-lenders\/\"><b><i>How to Find the Best Mortgage Lender<\/i><\/b><\/a><\/li>\n<li><em><strong><a href=\"https:\/\/www.credible.com\/blog\/mortgages\/how-long-does-preapproval-take\/\">How Long Does It Take to Get Pre-Approved for a Mortgage?<\/a><\/strong><\/em><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Most homebuyers don\u2019t spend a lot of time learning how to choose a mortgage. After all, looking for the right property is the fun part. But it\u2019s important to know how to pick a mortgage.&hellip; <a class=\"more \" href=\"https:\/\/www.credible.com\/blog\/mortgages\/how-to-choose-a-mortgage\/\">Continue reading<\/a><\/p>\n","protected":false},"author":106,"featured_media":50440,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"inline_featured_image":false,"footnotes":""},"categories":[1463],"tags":[1524,1521,1517],"class_list":["post-50439","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-mortgages","tag-mortgage-purchase","tag-mortgage-rates-sidebar","tag-mortgage-basics","how-to-choose-a-mortgage-tips-for-getting-the-best-loan","post_tag-mortgage-purchase","post_tag-mortgage-rates-sidebar","post_tag-mortgage-basics"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>How to Choose a Mortgage: Tips for Getting the Best Loan - 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