How to Shop for a Mortgage [VIDEO]
You’re ready to buy a house, but are you financially prepared?
Scouring real estate listings and devoting weekends to open houses to find your dream house are only part of the process. Finding the right kind of mortgage to fit within your budget is the key to ensure you can enjoy – and afford – your new home for years to come.
It all starts with putting together a home budget so you can find out if you’re “financially prepared to own a house,” Doug Duncan, senior vice president and chief economist at Fannie Mae, explains in the video, “How to Shop for a Mortgage.”
Duncan urges aspiring homeowners to shop the competition, noting that comparing mortgage offers can translate into real savings for homeowners over the long term.
“This is the largest purchase that most households actually make,” he says, noting that it also has the potential to be the biggest opportunity for savings if you can get a good deal on your mortgage.
Click to watch the full video and learn about some basic steps you can take to secure the best mortgage for your needs.