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05-24-2007, 06:35 PM
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 Can someone list the most important points to use
to compare lenders for a mortgage? I know I want a 30 year fixed with about 7-10% down on a $220,000 house. What other specific criteria do I need to look at to be sure I'm getting the best, or at least a good market deal? Please explain the major criteria. Thanks!
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05-24-2007, 06:55 PM
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The two most important factors are the interest rate and prepayment penalties. The interest rate will determine how much you'll actually pay for the loan, and a prepayment penalty will take a chunk out of the equity if you decide to sell before the loan's paid off. Another factor is closing costs, but is not that big of a deal since most lenders offer no closing costs now-a-days.
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