Select A Department:



Courses in this Department


Step 1 - Planning

Step 2 - Financing

Step 3 - Selecting

Step 4 - Buying

Step 5 - Owning


 


Think & Do Reminders

Grade & Rate Your Lenders and Their Loans

Create your loan matrix to narrow down your list of prospective lenders. A simple matrix will help you make the best decision based on these innumerable factors. While loan comparison is an inexact science, you can through a process of elimination choose the best offers and make a final decision. The following matrix offers a quick, objective scoring system for ranking and comparing lenders.

Fixed Rate Loan Shopping Matrix

Lender Rate (%) Points (%) Fees ($) Lock-in Days
     
     
     
     
     
     
     
     
     
     
     

 

Variable Rate Loan Shopping Matrix

Lender Starting Rate (%) Margin(%) Points(%) Fees($) Life Cap(%) Periodic Cap(%) Lock-in(Days)
        
        
        
        
        
        
        
        
        
        

 

POP QUIZ - Pros & Cons of Pre-Approval

Question:
List 3 things you need to consider when comparing loans and lenders.

How are you doing so far?

Do you feel comfortable with what you�re learning? Did you do OK on the quizzes? (Be honest!) Have you checked-in with the on-line Community to compare notes with other experienced or not-so-experienced homebuyers? Do you have any questions for our Pros? Have you contacted your first lender, yet? You should definitely get busy while all of the material is fresh in your mind! In the next section - Step #3: Selecting � we�ll be exploring neighborhoods, looking for a real estate agent or broker, identifying possible homes to visit and finding that home that�s just right for you.

 

Go To Step 3

 


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