With so many mortgage lenders out there, how do you know which one's right for you? Ultimately, you want a lender that offers great rates and terms and one that you feel comfortable working with. Here are a few things to keep in mind as you shop around for a mortgage lender:

Know Your Credit Score

Your credit score is one of the most important factors in determining whether or not you'll be approved for a loan. Be sure to check your credit report and score before you start shopping around so that you know where you stand. A good credit score starts at 670. So, if your score is on the lower end, you might need to work on improving it before you can qualify for the best rates - this includes paying bills on time, avoiding taking out new loans, and reducing credit card debt.

Compare Rates and Fees

Interest rates are important, but they're not the only things to compare when you're looking at mortgage lenders. Be sure to also look at the fees each lender charges. Some might have higher origination fees or closing costs, which can add up over time. Others might offer higher rates but make up for it with lower fees.

Consider Your Goals

Are you looking for the lowest possible monthly payment? The lowest interest rate? A shorter loan term? Or are you more concerned with getting a lower down payment or no origination fees? It's important to know what your goals are before you start shopping for a mortgage lender.

Compare Loan Programs

Not all mortgage lenders offer the same loan programs. Some might specialize in:

• FHA loans - This loan is insured by the Federal Housing Administration and is ideal for first-time homebuyers or those with less-than-perfect credit. You can have as low as a 3.5 percent down payment for this program.

• VA loans - This loan is backed by the U.S. Department of Veterans Affairs and is available to eligible veterans, active-duty service members, and their spouses.

• USDA loans - This loan is guaranteed by the U.S. Department of Agriculture and is available to eligible buyers in rural areas.

• Conventional loans - This is a traditional mortgage that isn't backed by the government. It typically requires a higher credit score and a down payment of about 20%.

Need Help Buying Your First Home?

The first step in buying a home is to research and compare mortgage lenders. Once you've found the ideal lender, you can then be pre-approved for a loan. The most important bit, however, is working with a Realtor. If you're in North Texas, your best bet is Bruce Thompson, an experienced local real estate agent - call us today at (214) 415-8305 and we'll be glad to help you with your homebuying transaction!