2torial #0935:
Learn2 Buy a Home (continued)

Find a lender or mortgage broker

In the past, home buyers could go to their friendly local banker and negotiate their own mortgage. It's still possible, and if you have a good lead (whether it's a friend's recommendation or a deal you've found on the Internet or at your local credit union), by all means pursue it. However, with today's ever-more-complex financial market, your best bet may be to engage the services of a mortgage broker, whose job it is to estimate what you can afford, explain the myriad financing options, shop around for the best deal, and handle all the paperwork.

But don't settle on the first broker you find in the phone book. Ask friends and colleagues for references, or try typing "mortgage broker" into an Internet search engine to find qualified brokers in your area. You must trust your broker to find you the best deal possible, so look for someone who takes the time to explain things thoroughly and who understands the particulars of your situation.

Note: Mortgage brokers are paid by lending agencies, not by home buyers. Beware of brokers who keep steering you toward a particular mortgage company--they may not be giving you the best deal.