The right mortgage lender for you is the one which can give you the best possible interest rate and lowest fees.  You could find one in banks, credit unions, trust companies, life insurance companies or a private company that lends money to buy land, houses and other real estate.

Yup, they are many—literally thousands just in the United States.  So if you have the luxury of time, we highly recommend that you compare mortgage rates and cross-examine prospective companies for you to find a loan that fits your needs.  Don’t miss asking them any of these comprehensive questions:

1. What are the most popular mortgage loans you make? Why?
2. Which type of mortgage plan do you think would best for us? Why?
3. Are your rates, terms, fees, and closing costs negotiable?
4. Will I have to buy private mortgage insurance? If so how much will it cost and how long will it be required? NOTE: Private mortgage insurance is usually required if you make less than a 20-percent down payment, but most lenders will let you discontinue the policy when you’ve acquired a certain amount of equity by paying down the loan.
5. Who will service the loan? Your bank or another company?
6. What escrow requirements do you have?
7. How long is your loan lock-in period (the time that the quoted interest rate will be honored)? Will I be able to obtain a lower rate if they drop during this period?
8. How long will the loan approval process take?
9. How long will it take to close the loan?
10. Are there any charges or penalties for prepaying the loan?