By pre-qualifying you know your buying options and you will know what documents, if any, that you will need to keep separate and handy. Paying too much in closing costs - Many uninformed borrowers choosing a mortgage lender that charges junk fees such as Origination fees points or other unnecessary costs. You can save a great deal of money by properly researching your options and choosing a mortgage loan that is right for you and your family's needs. Besides interest rates and closing costs it is also important to consider your options after your loan has closed. No cost refinancing and bi-weekly mortgage payments are some of the options to consider.
Most consumers know the importance of comparing interest rates and closing costs between lenders.
No origination fees charged on most loan programs. No penalty for paying off your mortgage early. After your first payment is made, you will have the option of converting your mortgage to a bi-weekly payment schedule. For most borrowers, this saves some 6 years of mortgage payments. When interest rates drop you will have the option of refinancing at no cost.