In the newspapers, on TV and particularly on the internet, ads and headlines bombard you about the great rates and terms this or that bank can give you. Frankly, many of these ads are just to lure you in and then you learn the terms are not exactly as advertised.

One way to avoid these come ons is to make sure you know the bank. If you don’t know the lender that offers the best rate, you can find out about it. You can check with the Better Business Bureau or the state banking commission to find out if they have had many complaints against them.

Make sure the broker has experience with your particular type of mortgage. Discover how long they have been in business and how long the broker you will be working with has been in business. If you deal with an established, reputable firm, it is not likely that there will be any surprises at the closing.

You can learn a lot about your potential bank by researching. With all of the information available to us today, it can be difficult to find the rightnformation. But understanding the type of mortgages that are best for you, and the terms available will help you make your mortgage decision easier. It is best to make a thorough list for comparison purposes.

You also have to realize who the rate quotes are for. Most of the time the advertised rates are for the most credit worthy borrowers, and premiums are added to anyone with a worse credit rating. Therefore make sure you get the premiums over the quoted rate that will be applicable for you.

Once you have this complete list, you can pick the lender that will be best for you. Don’t forget the old saying that if it seems too good to be true, it most likely is. You are going to see variations in the rate, however, if one broker is much lower than the others, be careful.

Take your time and don’t be forced to decide. Make sure your broker wants to take the time to explain terms, rates, points, maturity, and anything else to you. You have to be sure you understand each aspect of this important matter. Do not deal with any broker who is not able to answer any and all questions.

After you have reached agreement on all the terms, get a written confirmation. This means ALL of the terms, not only rates and maturity. In the case of an adjusted rate mortgage, the index the ARM is based on should also be in the document. Make sure all the terms of the lock in period are agreed upon. Then, be sure the written agreement is on appropriate letterhead and signed by the appropriate party. Too many headaches happen because of so called verbal contracts.

Once you do sign a written agreement, make sure you are clear about everything on it. Too often, what you have agreed to will be translated to in incomprehensible legalese. Either get it changed, or have it explained completely so you can agree to it. Once again, if the lender is not willing to do this, run away.

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