Applying for an FHA loan is, in the minds of some borrowers, the beginning of the process. But when you fill out an application for an FHA insured mortgage, you should actually be ending one process and starting another. One of the most important aspects of getting an FHA loan is finding the right lender and the most favorable terms.
But how should an FHA borrower do that? Some go into their FHA loan research thinking the only real data needed is a list of interest rates on offer and calculating the monthly payment amounts is enough. Think about the process a little deeper and you’ll realize the amount of the loan is only part of the equation.
How much will you pay in fees? What kind of loan is available? The cost of a fixed rate FHA mortgage won’t be the same as the cost of a variable rate, interest only, or balloon