If you're looking to secure a loan that will help you purchase the home of your dreams, it's important to have an ethical, qualified and dependable mortgage lender on your side-protecting your best interests and helping you get the loan that's right for you. Your lender should be a trusted partner who understands the array of loans offered, and can match them to your needs, wants and desires.
So how do you go about selecting a mortgage lender? You can always start with costs. Look for lenders who offer the best interest rates, and ask to see a list of applicable fees and closing costs upfront to compare prices. If a prospective lender refuses to quote interest rates or service costs, move to a different lender. It's important to find a lender that gives you direct answers. If a lender quotes numbers that seem way too good to be true, then make sure you investigate his or her services. There may be hidden fees and some unethical practice taking place.
You should also look for lenders who are accredited to show that they are properly trained in the field. Search for a broker who's certified by the National Association of Mortgage Brokers. Always ask for references and call those references to find out how satisfied they were with the service and ultimately their loan. Agents typically have good referrals for mortgage lenders, so don't forget to consult your real estate agent.
Also, check to see if the real estate company you are using to buy or sell your home offers mortgage services. A one-stop-shop will make the home-buying and selling process less stressful.
Don't know too much about the loan process? No problem. A good mortgage lender will help you learn the ins and outs of a mortgage, no matter how long it takes. They'll explain all the terms and jargon and will calculate the numbers for you as many times as you need to understand them. Don't be afraid to say "I don't understand." You can use this process as a learning experience.
A good lender should always be available. Applying for a loan can be a complicated process, so you want someone who is around when you need help. In addition, mortgage lenders should not leave you guessing. They should give you a good faith estimate early in the process, so you aren't surprised when it comes time to close.
Finally, your personalities must mesh. If they don't, it will be very difficult to work together. Mortgage lenders are assisting you with a very important financial decision, so you need someone you can trust, who fits with your personality and with whom you have a good rapport. Knowing you're in trusting hands will allow you to relax during the process - not agonize over it.
For more information that can assist you with finding the perfect mortgage lender, contact us today.
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