Where can you find the best mortgage ? Page 2

Traditional Mortgage Lenders

Traditional mortgage lenders specialize in standard 30 year, fixed rate mortgages. As new

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mortgage products started showing up in the marketplace they have expanded their offerings to include new varieties of Adjustable Rate Mortgages. These lenders include traditional banks, credit unions, and your local brick and mortar mortgage companies. If you have a relationship established with your local bank or credit union it may be advantageous to start your mortgage search there. You should still shop from a variety of local mortgage companies and online lenders to get an understanding of fair rates and fees.

Mortgage Brokers

Mortgage Brokers are a third party that places borrowers with lenders for a commission. If you have poor credit your best option for securing a competitive mortgage is by using a broker. There are mortgage brokers that specialize in bad credit mortgages; you just have to find the right broker for you. When you shop for a broker make sure you understand what that ( remortgages ) person's fee is and who is paying it. You don't want to pay this fee yourself if possible and you don't want a higher interest rate or points padding your broker's commission.

You can learn more about your mortgage options, including common mistakes to avoid by registering for a free mortgage ( life insurance ) guidebook: "Five Things You Need to Know About Your Mortgage."