25 Sep 4 STEPS TO CHOOSING THE RIGHT MORTGAGE LENDER
Purchasing a home is one of the most important financial decisions most people make. Finding the home of your dreams may seem like the hardest part of a real estate transaction, but in reality, getting the best financing can also be challenging. Here are 4 steps to help you find the best mortgage lender:
1. Ask for Referrals
A trusted lender from friends and family can be helpful. Ask your friends, family members or coworkers who have purchased a home within the last few years about their lenders. Getting referrals from those close to you can help you find someone you know you can trust.
2. Get Recommendations from Real Estate Agents
Real estate agents can refer you to experienced mortgage lenders. They are a great source for a referral.
3. Compare Lenders
Choose between two or three lenders to make sure you find one who’s a good fit, the right match for you as a borrower. You should choose a lender, with whom you feel comfortable, has a great reputation and is experienced. You should not feel pressure during your initial meeting, whether in person or on the phone. The lender should be knowledgeable and approachable. If the person you are talking to is someone you feel confident sharing your most personal financial information and can give the best rates, you probably found the right lender.
4. Get Preapproved in Minutes
Ask for a preapproval letter. A good lender can qualify you for a loan, offer advice on ways to improve your credit and discuss mortgage payments in context with the rest of your financial plan.