Whether you are looking to buy your first home or refinance your current one, it is very important that you make a good decision when selecting your mortgage provider.  Because mortgages are such a large investment, even small differences in interest rates or other costs included with the loan can save or cost you hundreds or even thousands of dollars over the life of the loan.

The good news is the internet makes it easy to research mortgage loan providers, for one of the best investment types of all, real estate.  You can find many websites online which will compare different mortgages providers in terms of the interest rate, closing costs and other information regarding the loan, as well as different types of mortgages whether a home loan or an investment mortgage.  To find the best mortgage providers you need to know what their interest rates (see our Suntrust mortgage interest rates review) are and how long the initial interest rate lasts, what their loan-to-value or LTV is, and what other charges are included with the mortgage such as closing costs, legal and valuation fees.  Also check to see if the mortgage includes an early repayment charge.  Some companies specialize in a bad credit mortgage loan, if your credit isn’t that good.

Another important factor to look at is customer service.  You can often find reviews from borrowers and former borrowers on their experiences dealing with their mortgage service provider.  Again, because a mortgage is such a big investment receiving good customer service from your lender is another important aspect that should not be overlooked.

After you have done your initial research, you can apply for free mortgage quotes online.  You will want to get several quotes from different mortgage providers by providing the same information on the quotes in order to be able to compare them against each other.

Once you do find a mortgage provider you would like to work with, it’s a good idea to get pre-approved for a mortgage before shopping for a new home.  If you have less than a twenty percent down payment, you will most likely need to get private mortgage insurance.  If this is the case you will also need a mortgage insurance provider.  Usually your mortgage service provider or realtor will be able to provide you with a recommendation.  If you could not afford a 30 year mortgage, you may want to talk to your mortgage provider about a 40 year mortgage.

If you are looking to potentially refinance your mortgage you will need to check the terms on your existing loan first to see  if there is an early repayment charge for repaying your mortgage early.  If there is it may not be worth it to switch to a different mortgage provider.  Perhaps you have excellent credit and income and can even apply for a no doc mortgage.

Finding the best mortgage provider will require you to do some research, but it is time well spent.  Choosing the right mortgage provider can end up saving you hundreds if not thousands of dollars which will help you be able to afford the house of your dreams.