First-time homebuyers mistakenly may think they do not have much control over the costs of their home purchase loan. After all, how much of a down payment you can afford determines the amount of your home loan. That's true, but there also are other costs associated with the loan.

These costs can vary, and you as a consumer can control them. So it's best to shop around for a home loan, and shop smartly. Try this approach with lenders to see which offers the best deal:

Go to several different lenders and ask for information on the same loan amount, loan term, and type of loan. Then pick the best deal for you. This kind of comparison shopping for home loans takes some extra work. But it likley will save you money in the long run.

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