New Loan

If you are considering applying for a mortgage to purchase a new home or to refinance your present home, don't delay. Despite fluctuation in interest rates, lenders are still swamped with new loan applications, many from refinancers.

You should gather all the necessary paperwork before you apply, and get your loan application in as soon as possible. At a minimum, this information will consist of proof of your earnings, as well as a clear picture of your total monthly expenses. If you are self-employed, or have long-term obligations, such as alimony or child support, the preparation time and the amount of paperwork increases.

Despite the need to move rather quickly for a mortgage in today's market, you should "make haste carefully". Shop carefully for your loan by comparing all costs and terms. With the number of lenders vying for your business, new and better deals are always appearing, but you can't just compare newspaper ads.