Fed Reserves publishes “5 Tips for Shopping for a Mortgage”

Dennis Norman

Dennis Norman

By: Dennis Norman

Buying a home should be a dream come true not a nightmare of worry and stress. A new Federal Reserve Board publication, “5 Tips for Shopping for a Mortgage,” will help consumers avoid potential pitfalls and make well-informed decisions when choosing a home loan.
Financing the purchase of a home is one of the most complex financial decisions that consumers make. The Federal Reserve’s latest “5 tips” guide is designed to help home buyers find the mortgage that is best for them. The complete guide is available here however a summary of the tips are below:
  • Know what you can afford.
    • Review your monthly income and spending to estimate what you can afford to pay for a home, including the mortgage, property taxes, insurance, and monthly maintenance and utilities.
  • Shop around-compare loans from lenders and brokers.
    • Shopping takes time and energy, but not shopping around can cost you thousands of dollars. You can get a mortgage loan from mortgage lenders or mortgage brokers.
  • Understand loan prices and fees.
    • Many consumers accept the first loan offered and don’t realize that they may be able to get a better loan.
  • Know the risks and benefits of loan options.
    • Mortgages have many features — some have fixed interest rates and some have adjustable rates; some have payment adjustments; on some you pay only the interest on the loan for a while and then you pad down the principal (the loan amount).
  • Get advice from trusted sources
    • A mortgage loan is one of the most complex, most expensive financial commitments you will ever assume–it’s okay to ask for help. Talk with a trusted housing counselor or a real estate attorney that you hire to review your documents before you sign them.


Print Friendly, PDF & Email

30 comments to Fed Reserves publishes “5 Tips for Shopping for a Mortgage”

  • Magnificent web site. Plenty of useful information here. I am sending it to some buddies ans additionally sharing in delicious. And obviously, thank you in your sweat!

  • The other day, while I was at work, my cousin stole my apple ipad and tested to see if it can survive a twenty five foot drop, just so she can be a youtube sensation. My iPad is now destroyed and she has 83 views. I know this is entirely off topic but I had to share it with someone!

  • Utterly written content material, thank you for entropy. “The last time I saw him he was walking down Lover’s Lane holding his own hand.” by Fred Allen.

  • I think you have mentioned some very interesting points, appreciate it for the post.

  • Precisely what I was searching for, regards for putting up.

  • … [Trackback]

    […] Find More Information here on that Topic: stlouisrealestatenews.com/financing/fed-reserves-publishes-5-tips-for-shopping-for-a-mortgage/ […]

  • … [Trackback]

    […] Read More on that Topic: stlouisrealestatenews.com/financing/fed-reserves-publishes-5-tips-for-shopping-for-a-mortgage/ […]

  • … [Trackback]

    […] Read More to that Topic: stlouisrealestatenews.com/financing/fed-reserves-publishes-5-tips-for-shopping-for-a-mortgage/ […]

  • seo

    … [Trackback]

    […] Info on that Topic: stlouisrealestatenews.com/interest-rates-financing/financing/fed-reserves-publishes-5-tips-for-shopping-for-a-mortgage/ […]

  • I have been exploring for a little for any high-quality articles or blog posts in this kind of area . Exploring in Yahoo I finally stumbled upon this web site. Studying this information So i am happy to exhibit that I’ve a very excellent uncanny feeling I discovered just what I needed. I most indisputably will make certain to don?¦t overlook this site and give it a glance regularly.

  • You are my inspiration , I possess few blogs and often run out from to brand.

  • … [Trackback]

    […] There you will find 66627 additional Info to that Topic: stlouisrealestatenews.com/interest-rates-financing/financing/fed-reserves-publishes-5-tips-for-shopping-for-a-mortgage/ […]

  • I’m truly enjoying the design and layout of your site. It’s a very easy on the eyes which makes it much more enjoyable for me to come here and visit more often. Did you hire out a developer to create your theme? Exceptional work!

  • Aw, this was a really nice post. In concept I would like to put in writing like this additionally – taking time and precise effort to make a very good article… however what can I say… I procrastinate alot and by no means appear to get something done.

  • … [Trackback]

    […] Find More to that Topic: stlouisrealestatenews.com/interest-rates-financing/financing/fed-reserves-publishes-5-tips-for-shopping-for-a-mortgage/ […]

  • Thanks , I’ve just been searching for info about this topic for ages and yours is the best I have discovered so far. But, what about the conclusion? Are you sure about the source?

  • Yeah bookmaking this wasn’t a bad conclusion outstanding post! .

  • I think this is among the so much significant information for me. And i am satisfied reading your article. However wanna statement on some general things, The web site style is great, the articles is in reality excellent : D. Excellent job, cheers

  • Having read this I thought it was very informative. I appreciate you taking the time and effort to put this article together. I once again find myself spending way to much time both reading and commenting. But so what, it was still worth it!

  • As a Newbie, I am continuously searching online for articles that can help me. Thank you

  • Saved as a favorite, I really like your blog!

  • … [Trackback]

    […] There you can find 92711 more Information on that Topic: stlouisrealestatenews.com/interest-rates-financing/financing/fed-reserves-publishes-5-tips-for-shopping-for-a-mortgage/ […]

  • … [Trackback]

    […] Read More here on that Topic: stlouisrealestatenews.com/interest-rates-financing/financing/fed-reserves-publishes-5-tips-for-shopping-for-a-mortgage/ […]

  • We’re a group of volunteers and opening a new scheme in our community. Your site provided us with valuable information to work on. You’ve done an impressive job and our entire community will be grateful to you.

  • Those are yours alright! . We at least need to get these people stealing images to start blogging! They probably just did a image search and grabbed them. They look good though!

  • Outstanding post, I think people should larn a lot from this website its real user friendly.

  • … [Trackback]

    […] Find More Information here to that Topic: stlouisrealestatenews.com/financing/fed-reserves-publishes-5-tips-for-shopping-for-a-mortgage/ […]

  • Wow! This can be one particular of the most helpful blogs We have ever arrive across on this subject. Basically Fantastic. I’m also a specialist in this topic therefore I can understand your effort.

  • I gotta favorite this web site it seems extremely helpful very useful

  • Hi, just required you to know I he added your site to my Google bookmarks due to your layout. But seriously, I believe your internet site has 1 in the freshest theme I??ve came across. It extremely helps make reading your blog significantly easier.

Leave a Reply

You can use these HTML tags

<a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>