How to shop for a Arkansas Mortgage

You can save real money if you carefully shop for an arkansas mortgage. Even a one-quarter percentage point difference in interest rates can mean savings of thousands of dollars over the life of the loan.

Banks, credit unions, savings and loans, insurance companies, and mortgage bankers all make home mortgage loans in Arkansas. The terms change frequently, so it's good to compare at least a half a dozen lenders -- or to get the help of an experienced mortgage bank like The Mortgage Bank of Arkansas, who can help you sift through the latest offerings.

Start by deciding what type of Arkansas mortgage you're interested in, whether it's a fixed rate, adjustable rate, or one of the many mortgages available. Once you've narrowed your sights -- for example, to a 30-year fixed rate mortgage for $300,000 -- you'll be ready to compare apples to apples, using the research tools described below.

Newspaper Ads
Mortgage rates and fees are usually published in the real estate sections of metropolitan newspapers. Take a look at these even if you decide to work with a mortgage bank or broker, so that you'll have a sense of the mortgage market in Arkansas.

A Mortgage Broker
Good mortgage brokers are trained to scour the entire market for the best loan at the lowest interest rate. Most brokers collect a fee from the lender (though this ultimately adds a little to what you pay for your mortgage); other brokers charge the consumer directly.

Your Local Bank
If you have a bank you trust, stop by and ask about its offerings (or check its website). But be aware that you'll be offered a limited menu, consisting of only that bank's loan products.

Friends and Relatives
Private sources of mortgage money -- parents, other relatives, friends, or even the seller of the house you want to buy - are a widely used source of home-loan money.

Online Mortgage Sites
Like http://www.themortgagebankar.com/ has many tools necessary to complete your mortgage application and pre planning with a qualified representative.