Hunting a house isn’t the easiest of jobs what to talk of getting a loan for owning it. If you have been brought up on this situation, chances are that you are going to be ripped off as you make for an easy prey. There is this plethora of information, most of it superfluous, floating all over, which can get pretty tedious to wade through. So you need the professionals to counsel you thoroughly and solve your queries on practical approach.

Home loans are available from several types of lenders--thrift institutions, commercial banks, companies providing on mortgage rates, and credit unions. Some people find the property they want to buy first, and then start looking for a mortgage. A mortgage--whether it’s a home purchase, a refinancing, or a home equity loan--is a product, just like a car, so the price and terms may be negotiable. You’ll want to compare all the costs involved in obtaining a mortgage. However, it is usually better to try to get approval for it first so you know how much you can borrow before you start looking at properties. Introductory and first-time buyer packages can save you money in the short term but remember to consider the long-term costs when the 'introductory rate' runs out.

Different lenders may quote you different prices on the basis of mortgage rate, so you should contact several lenders to make sure you’re getting the best price. You can also get a home loan through a mortgage broker. Brokers arrange transactions rather than lending money directly; in other words, they find a lender for you. They have access to several lenders and can mean a wider selection of loan products and terms from which you can choose. You should consider contacting more than one broker, just as you should with banks or thrift institutions.

Whether you are dealing with a lender or a broker may not always be clear. Be prepared to negotiate with the brokers as well as the lenders. Some financial institutions operate as both. And most brokers’ advertisements do not use the word "broker." Therefore, be sure to ask whether a broker is involved. This information is important because they are usually paid a fee for their services that may be separate from and in addition to the lender’s origination or other fees. You should ask each of them you work with how he or she will be compensated so that you can compare the different fees. Their compensation may be in the form of "points" paid at closing or as an add-on to your interest rate, or both.

Request the best available rate from your lender - if you are prepared to haggle you may get a lower rate. Wise it is to not be seduced by 'freebies', like free legal expenses or discounted insurance without looking at the mortgage as a whole. Don't panic and take the first mortgage you are offered. Better always to keep your eyes open for better offers from other lenders.