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TIPS FOR CHOOSING A MORTGAGE LENDER
Your mortgage payment can last for more than forty years. That is why you shouldn’t rush when choosing a mortgage or mortgage lender. Home buying is a really long-term commitment. So here are some essential tips for choosing the right mortgage lender.
1. Talk to your realtor: Professional real estate agents have built connections with different lenders both in and outside of their service region. They will be able to offer helpful suggestions to help you choose the right one. Moreover, savvy loan officers take really good care of customers referred by agents as this will encourage more referrals. So you can also use this to your advantage.
2. Know your options: It is best to know your local lenders. Local lenders can provide more personalized services since they know the area, properties and real estate professionals in your area. As a buyer, you need to know all that’s available for you when it comes to mortgage. Basically, mortgage lenders fall into the following categories:
- Credit Unions: Attractive interest rates. Member owned.
- Mortgage bankers: Working for a financial institution. Mortgage bankers earn money through loan origination
- Correspondent lenders: They operate in the same way as mortgage bankers but rely on other lenders such ... more

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