Getting Your First Home Loan Quote Is Going To Be A Snap

You get a good faith estimate from a lender for your first home loan quote. Actually, you can get a good faith estimate from several lenders that you want to deal with and for different first home loan products.

The best way is to get several offers and show it to other lenders to try to beat that one they offer. Without a good faith estimate a mortgage quote may not be reliable. The Federal government insists that lenders provide a good faith estimate within three days of applying for a loan. Most, unless they are con men, will honor your first home loan quote.

Some of the things you can expect a good faith estimate to show are the possible costs at closing for your first home loan:

• Loan application fee


• Fees for pulling credit reports


• Title work


• Attorney fees


• Cost of appraisal


• Cost of inspection


• Survey work


• Document handling and processing fees


• Taxes


• Escrow accounts


• Your interest rate


• The terms of the loan


• The amortization schedule

In trying to find a good deal, you'll want to get the good faith estimates for the different first home loan quotes on the exact same product to fully compare them. Meaning, get a quote for a fixed or variable rate first home loan and compare it to another lender.

If you get one that has a teaser interest rate that shifts after six months to a year, it may initially look favorable but in the long run will cost you more money. Jump on the Internet and use the first home loan calculators to see how good the deal is for your first home loan.

Make sure that they all have the same length of term because a 40-year loan will look like a better deal than a 30-year loan when it comes to the amount of the monthly payment you have to make. If you're more interested in monthly payments (low monthly payments) then go for the longer first home loans. Otherwise, check with other lenders to see what they will offer.

However, you pay significantly more money over the life of the mortgage with a longer term than you do with a shorter-term mortgage (interest rate). So, always make sure that you are looking at very similar offers from different lenders and not two separate types of loan products. Such as a fixed and variable rates rate first home loan.

Always check with your local city and state agencies-they have programs to help with first home loan buyers and they can save you a ton of money.

The dreaming of buying a home now that the prices have dropped is a reality. Why not have a little fun with some of the online first home loan calculators? They'll help you take your dream of owning a house into reality with hard facts about the numbers involved in your first home loan dreams.

Contuine on with learning how to use a first home loan calculators .