After completing steps 1 and 2 in the loan process it is NOW time to SHOP FOR YOUR LOAN. You will need to know and factor in these 5 specifics:
1. The price of the home
2. Your down payment amount, resulting in the amount you will finance.
3. The interest rate and any points charged to originate the loan.
4. The term of your loan: 15 year or 30 year.
5. Type of loan: fixed vs variable rate, conventional or FHA financing, there are many loans to choose from.
To shop for the best financing for you, do your homework. Research these items so you understand what your mortgage lender is talking about. Now, go and talk to 2 or 3 lenders. Knowing these specifics will help you compare loans, so you can choose the loan and lender that will be the best deal for you.