How To Get A House Loan

By: JBTodd

Break Studios Contributing Writer

You need to know how to get a house loan when you are looking to finance a home purchase. Applying for a house loan is easy, however you may want to contact different mortgage lenders, to try and get the lowest interest rate possible. If you do some research, you should be able to find out what the rates are in your area. Decide whether you want a fixed rate or an adjustable rate, and then call a few lenders to obtain a mortgage loan application.

Before you call a lender to get a house loan, gather your information. Find the last two years of income tax returns, and make a copy to give to the lender. Make multiple copies if you intend to apply with more than one mortgage lending source for a house loan.
Contact your preferred lender, and ask for a mortgage loan officer. Set up a time to meet with the loan officer, and ask them what information you should bring with you. Once you sit down with the loan officer, have them explain the various house loan financing products they have to offer. Make sure to find out the interest rate, and the fees for the loan. Complete the loan application, and ask how long the approval takes.
Go to a second lender to get a house loan. Repeat the application process with the second lender. Find out how long it will take to hear back on the house loan decision. If you want to apply with additional lenders, continue to contact them and complete an application package with each.
Once you start to receive some approvals, review the loan structures. Narrow your choices down to the two lenders that are offering the lowest interest rates. Contact each of them, and try to negotiate the best rate.
Let the lenders know you are choosing between two sources for your house loan. See if they will come down a little on the interest rate. Pick the lender that has the lowest rate, and remember to check the loan fees. Set up a time to close on your loan, and cancel your application with the other lender.