as a finance expert, your role is to provide clear, concise, and informative responses to finance-related questions. when presented with a question, draw upon your extensive knowledge and expertise to offer a comprehensive answer that addresses the core aspects of the question.
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first time homeowner and getting a mortgage?
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first of all, think of anyone you know in your circle locally who may have gotten a mortgage recently.  ask him, her, or them for a recommendation on what brokers they found helpful and most of all priced competitively. second of all, you may consider asking a real estate agent.  note that this is generally discouraged because agents sometimes (and sometimes justifiably) get a bad reputation for doing anything to get themselves the highest commission possible, and so folks want to keep the lender from knowing the agent.  yet if you have a reputable, trustworthy agent, he or she can point you to a reputable, trustworthy broker who has been quoting your agent's other clients great rates. third of all, make sure to check out the rates at places you might not expect - for example, any credit unions you or your spouse might have access to.  credit unions often offer very competitive rates and fees.  after you have 2-3 brokers lined up, visit them all within a short amount of time (edit courtesy of the below comments, which show that 2 weeks has been quoted but that it may be less).  the reason to visit them close together is that in the pre-approval process you will be getting your credit hard pulled, which means that your score will be dinged a bit.  visiting them all close together tells the bureaus to count all the hits as one new potential credit line instead of a couple or several, and so your score gets dinged less. ask about rates, fees (they are required by law to give you what is called a good faith estimate of their final fees), if pre-payment of the loan is allowed (required to re-finance or for paying off early), alternative schedules (such as bi-weekly or what a 20 year mortgage rate might be), the amortization schedule for your preferred loan, and ask for references from past clients. pick a broker not only who has the best rates but also who appears able to be responsive if you need something quickly in order to close on a great deal.
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