How to find the best mortgage?

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Keep in mind that the best mortgage should be the one that best fit your needs, such as affordable monthly payment, desirable loan term (either short (3-7years) or long (15 years or 30 years)), fixed or adjustable interest rate, no prepayment penalty for refinance, and etc.

Ask yourself these two questions first to figure out the kind of mortgage that would be best for you.

1. How long are you going to stay in your home?
2. What is the maximum out of pocket monthly mortgage payment plus tax and insurance that you will be able to afford?

Try to get several quotes from different mortgage companies and compare them on the same baseline and then choose the one that has the best overall package in terms of monthly payment, interest rate, closing costs, loan terms and etc.