Before you make your decision on a home loan, make sure you have a good understanding of the answers to the following questions:

Who Do I Trust?
Look for a source you trust, we hope it is your Credit Union of course, along with a good reputation. Service and advice are as much determining factors as price.

Looking For a Fair Deal?
Your choice of lender and type of loan will influence not only your settlement costs, but also the monthly cost of your mortgage loan. There are many types of lenders and types of loans you can choose. Remember advertisements always have fine print. Call us to get educated or talk to your Credit Union.

No Cost? How is the Lender Driving a New Hummer?
No such thing! It always comes down to how you want to pay for a loan.
No cost is a direct result of increasing your rate high enough to cover the closing cost expense.

There are three ways to pay for a loan:

The best option depends on what your goals are and especially how long you plan on keeping the loan.

This Lender’s Costs Are $2,000 Less, I Should Use
Them Right?
Hold on! Make sure everyone is on the same page when they explain closing costs. Many lenders don’t include your taxes, insurance, and interest in their number. So when you sit down to close your loan, surprise! Always keep in mind the three ways to pay for a loan.

Why Are the Quoted Rates So Different Between Lenders?
When you make a phone call and the first thing you ask is, what is
your rate? Many times you will hear an amazing answer and somehow that rate will change as you go through the process. These rates vary on program, credit, debt, and home value. Inexperienced Loan Officers may not be comparing the same program that fits your situation. If your costs are low and your rate is low get a copy of that lock confirmation. This should be able to be provided 30 days prior to closing typically.

Lender-Required Settlement Costs
Taxes, Insurance, Interest, Title, Appraisal, Processing, Underwriting, and Credit are the most common required fees. The most negotiable items are Loan Origination Fees because they go directly to the loan officer or company. This is how they make a living.

"As a Credit Union based business, we want to thank you, the members, for your commitment and trust in the Credit Union’s desire
to provide the best mortgage services possible."

Sincerely,
CU Services
“Your Credit Union Partner/Good Advice for Good People”

For more answers to your questions, ask an expert or apply now.

Top 100 Question & Answers For Buying a Home:
http://www.hud.gov/offices/hsg/sfh/buying/buyhm.cfm#Getting