brokerages and banks. Although the interest isn't tax-deductible, the rate can be low enough to make these loans attracting. You also conserve the usual title, appraisal, and other closing expenses of a home mortgage. Both normally use lower rates to depositors. Check other sources to be sure. If you get a 2nd home loan, re-finance, or choose an FHA 203( k) mortgage, you're better off talking with a mortgage broker - How to finance building a home. A broker has more loan sources to select from. When looking for a broker, talk to people you know, and inspect any recommendations you get. Specialists are another source of funding, but beware: It's tough enough to pick a specialist and a loan when they're separate. And be suspicious of professionals.who stress the month-to-month payment rather of the total expense of the task. It requires lenders to reveal interest rate, terms, costs, and variable-rate features in an overall APR, a bottom line you can use to compare loans (What happened to yahoo finance portfolios). Here are some other rights to remember: If a home loan lending institution does not disclose the APR, any application costs must be refunded. You generally get these disclosures on a form with your loan application. If any terms alter before closing, the loan provider needs to return all costs if the changes make you choose not to continue - What happened to household finance corporation. You have 3 days from the day of closing to.