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Tips for Comparing Loans

February 26th, 2014

Tips for Comparing Loans

When you’re looking to take out a home loan, it’s important to compare mortgage options to find the right loan for your situation. Selecting a home mortgage loan can be a difficult task. The options and terms are numerous, so sorting through them is very important in the decision process. Getting familiar with mortgages and knowing how to compare quotes are key to selecting the right loan. Asking the right questions is important.

Interest rates or APR?

Look specifically at the APR (Annual Percentage Rate) instead of the interest rates. The APR better reflects the rate you will pay when the lender’s fees are included. This number is usually higher than the interest rate. This is important to pay attention to, to avoid additional costs at closing.

What about the closing costs?

Along with looking into the APR, it is important to ask and know about the closing costs. Oftentimes loans will not close due the borrower having insufficient funds to cover all the fees at time of closing. It’s also common to have closing costs bundled into the loan. Ask for that possibility and know the answer before moving forward. You don’t want to go through the whole process to find you can’t complete the deal because of closing costs.

Smart Lending

There is no substitute for experience. In today’s market, it is more important than ever to choose experienced professionals who have the training and expertise to provide smart mortgage solutions. Axiom’s consultants are the best in the industry and are supported by unsurpassed processing, underwriting and closing staff. During the past decade, we have received an array of awards and recognitions, including five Best of State awards.

Your Axiom mortgage consultant will help you assess your situation, answer your questions, and guide you to a loan that fits your goals.

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