No one gets up in the morning thinking to themselves “I can’t wait to get a mortgage today!” But the reality is most of us need a home loan to achieve our financial goals and buy the perfect home.
A mortgage is one of the largest financial investments you’ll make, so it’s important to work with the right lender, choose the right mortgage, and lock-in the best rate possible. With mortgage rates at historic lows, you want to make sure to educate yourself on the mortgage process. Here’s some advice to make sure you get the best deal.
Research a Small List of Trusted Lenders or Banks
Speak with only the lenders you feel comfortable with. Choose companies or banks that have a good reputation and those that your friends and family have had good experiences with. Also, just because a lender can give you the lowest rate doesn’t mean they’re the best choice. Customer service, support, and efficiency in closing your loan should all be major factors when choosing a lender.
When you choose a lender, you will speak with a Mortgage Banker who will lead your through the mortgage process. Make sure to ask the banker if they can give you a link to client testimonials and reviews so you can get a better idea if previous clients were satisfied. Also, don’t be afraid to ask questions if you don’t understand something.
Find the Perfect Mortgage
The banker you are working with will advise you on the best mortgage for your financial situation. They will also ask you about your financial goals. Where do you see yourself in 15 years? This is just one of the questions you will be asked that will help the banker set you on the right path.
Be prepared as you go through the mortgage process. The more financial information and documentation you provide, the quicker and easier the process will be.
Lock-In Your Rate
As you begin shopping for a home mortgage, remember that you only have a 30-day window to look for the best rate before it starts to affect your credit score.
Always remember to choose the lender that will work the hardest to meet your needs. Having the right lender will make the mortgage process a whole lot easier and reduce the stress of having to deal with a mortgage. Call Quicken Loans and start your path to a lower mortgage payment today!
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