Lisa Johnson's House and Home - Articles on Home, Family, and Living

Lisa Johnson on Buying a New Home or House

Chapter 7: Shopping for a Home Loan

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October 1, 2003

When we placed a deposit on our new home, the builder's representative forwarded our information to a mortgage broker that they partner with. We ended up obtaining our loan through that broker.

Some folks who bought homes in our neighborhood obtained loans through other brokers, while others opted to work with same broker that we worked with.

Steve did some shopping around with other brokers to see what kind of interest rates they could offer, and compared rates with several other online mortgage brokers, but it turned out that the broker we were referred to by the builder offered very competitive loan packages.

Some of the other home builders seemed to have their own mortgage brokerage firms. That is, instead of referring buyers to a partner brokerage, they set up their own in-house brokerage.

The brokerage we went through ended up getting us a loan through Countrywide. It turned out that many of our neighbors ended up with Countrywide also.

The loan approval process seemed to take a long time. It took about 45-60 days from what I recall. I imagine that all had to do with Countrywide.

I don't have a lot of experience with obtaining home loans, but I can tell you that the broker offered to us by the builder provided us with a good experience, and offered a very competitve loan package. But you ought to check out other brokers just to be on the safe side.

Next:   Chapter 8 - Customization Options and Upgrades

Suggested Links

·  Tips on Buying a Home

·  HUD Homebuying Guide

·  Homebuying Consumer Info Center

·  Real Estate ABC

·  Home Buying Guide.com