Real Estate Agent with Vámonos Realty Lic. # 0594357- 0622512

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 as Wells Fargo, Chase etc. to sell the loan too once it is refunded.
- Savings and loans: They also offer attractive rates but have become hard to find. They are small loan institutions that are community oriented.
3. Always compare rates from several lenders. This is where your homework begins. As I mentioned above there are many loan options - retail banks, commercial banks, credit unions and online lenders, so you have many options to consider. Once you have several quotes, compare rates and costs and decide what makes the most sense for you. Remember, everything is negotiable so make sure you get the best available rate, because a low rate can save you thousands of dollars over the term of the loan.
4. Think beyond the dollars. Keep in mind that finding a mortgage lender involves more than just getting a good interest rate. Ascertain the company is staffed by professionals who will efficaciously steer you through the entire process. Choosing a lender that exhibits veracity, integrity and are committed to making you the best deal possible is of utmost importance.
5. Carefully check out your loan documents; the loan estimation and closing Disclosure especially. These documents let you know the precise finance rate, who pays the closing costs, contingencies, closing date and many other important details.
Remember, there are throngs of mortgage brokers ready to accept your application. The fact that a lender accepts the application doesn't mean they're the right option for you.

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