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Disclaimer
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Guide To Single
Family Home Mortgage Insurance
Shopping for an FHA-Insured
Loan
After you have found the home you want to buy, you should
call various lenders listed under "Mortgages" in the Yellow Pages or
visit http://www.hud.gov/ll/code/llplcrit.html
to find the lender offering the best terms.
The costs associated with a loan can vary significantly
from one lender to another. It pays to comparison shop for a mortgage. The most
important factors to consider in comparing loans are:
- Interest Rate
- Discount points
- Closing costs and other fees, such as charges to
originate the loan, commitment fees to "lock in" the mortgage
terms you and the lender have agreed to for a certain period, and? mortgage
insurance premiums (MIP).
- Annual Percentage Rate
All of these factors are negotiated between you and your
lender. HUD does not establish minimum or maximum amounts for the interest rate,
discount points, or most processing fees you pay your lender.
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