Finding a Lender

You can get a mortgage from many different sources, like mortgage banking companies, commercial banks, community banks, credit unions, a mortgage broker, and other financial institutions.

To find a lender:

• Contact your bank or financial institution. Sometimes lenders can offer better mortgage terms to current customers.
• Talk to real estate professionals.
• Ask family members, friends, and coworkers.
• Use the Internet.
• Talk to a local housing non-profit.
• Look through your local newspaper or telephone book.

But if you are selecting a lender you do not know, be sure to do your research to make sure you are dealing with a reputable lender. Once you decide on a lender, they can help you:

• Get a good-faith estimate in writing, itemizing approximate mortgage costs and fees.
• Get a pre-approval letter.
• Handle pre-qualification.
• Secure mortgage financing.
• Determine a settlement date.

You'll need to decide how much money to borrow when you submit your application. The amount of your mortgage will be based on the purchase price of your house, the home's currently appraised value, your down payment, and other factors. It's important to do your homework before the application process; which is why we recommend getting pre-approved.

Check with any of the following organizations for special programs in your area:

• Consumer Credit Counseling Services (CCCS)
• The Enterprise Foundation
• Habitat for Humanity
• Local Initiatives Support Corporation (LISC)
• The national NeighborWorks® network
• U.S. Department of Housing and Urban Development (HUD)