Home buyers have many options when selecting their mortgage lender. The lowest price or best terms are not the only considerations. The key ingredients are interest rate, terms, AND service. Use the following tips to guide your selection:
- Make sure that the lender gives you the rate and terms in writing. It is easy to quote a good rate to capture your loan. If you don't get it in writing, the quote could change. To keep a rate your lender quotes you, lock in the rate and get it in writing.
- Share your main mortgage goals. Then let the lender offer suggestions on which vehicles meets your needs. If lenders don't offer counseling, their service is below par.
- Determine how accessible your lender is during loan processing. Ask how the loan will be processed and who will be available to answer your questions. Ask for a direct line. If the lender resists giving you a direct number, you may have difficulty getting through at an important time.
- Ask about the processing support the lender has available. If the lender does his/her own processing, takes loan applications, and prospects for new business, he/she may be too busy to take care of your loan in a timely fashion.
- Confirm processing time. If the lender cannot promise a date, then you may not be able to confirm your contract closing day.
- Ask your for lenders they have worked with who give competitive rates, terms, AND great service.
Learn more about obtaining written proof that you can qualify for a loan or learn about the different types of mortgages and mortgage products.
The Role of Your Lender
The right fit between lender and mortgage products furthers your financial goals. Your lender will counsel you about the best mortgage product for your financial profile. You should be candid with your lender about the specifics of your financial information and share future goals and explore any concerns about your mortgage.
Your lender weighs how much money you have, your debt load, and your income. Other considerations should be the likelihood of a significant change in your income, future financial goals, your ability and willingness to save, your spending habits, and how mobile you will be in the near and long term.
The property itself may influence your choice. A property in need of major repairs may dictate the balance between the money for down payment and funds designated for repairs. Your lender can provide the best advice when you've provided a true picture of your situation.
Your lender provides the pathway to your mortgage by packaging information to showcase you to the underwriter. If your credit is tarnished, your lender can help you clear it up. If your credit has been damaged, your lender can work with you to design a repair strategy and obtain a mortgage at a later time.
Anthony Stokes Pereira (845) 624-8100 Ext. 188
Better Homes and Gardens Rand Realty
I can help you with every aspect of buying or selling your home because I'm experienced, because I am a Better Homes and Gardens Rand Realty Real Estate Professional . . . and because I care.
As your Better Homes and Gardens Rand Realty Sales Professional, I will provide you with the information you need to make an educated decision.
The relationship between a home buyer or seller and their agent is based on trust, shared goals and understanding. I strive to continually improve and to do this I listen and take the needs and wants into consideration.
For assistance with any of your real estate needs, please contact me, whether it's to get started on helping you realize your goals and dreams, or just to ask a question - no pressure, no hassle, no obligation- just a friendly conversation. I would welcome the opportunity to make a difference for you.
Better Homes and Gardens Real Estate - Rand Realty, founded in 1984, is the No. 1 real estate brokerage in the Greater Hudson Valley with 25 offices serving Westchester, Rockland, Orange, Putnam and Dutchess counties. Rand has more than 800 sales associates, as well as a commercial real estate company (Rand Commercial Services), mortgage company (Rand Mortgage), title company (Hudson Abstract Services) and insurance agency (The Hudson Group Insurance Agency). The company’s Web sites are: randrealty.com, randcommercial.com, randmortgage.com, www.hudsonabstract.com and www.hudson-group.com. Rand Realty is also on Facebook and Twitter. Anthony Stokes Pereira web site www.anthonystokespereira.com . Information deemed reliable but not guaranteed.