How To Find A Good Mortgage Lender

How To Find A Good Mortgage Lender

How to​ Find a​ Good Mortgage Lender
A house is​ one of​ the​ biggest purchases and investments you​ will make in​ your lifetime .​
With that said,​ it’s very important that you​ choose a​ lender with a​ strong reputation and one that you​ feel comfortable with .​
To help set your mind at​ ease a​ bit,​ realize that mortgage lenders have a​ special interest in​ your loan also .​
The last thing they want is​ to​ have to​ foreclose on​ your house .​
They want you​ to​ succeed so that you​ will be able to​ manage the​ monthly payments .​
a​ good lender will put together a​ quality loan that works best for you.
Look for well-established lenders who are familiar with your market and make sure to​ ask questions .​
The communication and interpersonal skills are of​ the​ lender very important .​
Go ahead and set up appointments with several lenders to​ get an​ idea of​ what it​ would be like working with them .​
When speaking with the​ lender,​ make sure that they can deliver the​ loan within your timetable .​
Also,​ a​ lender should be receptive and not avoid answering your questions .​
A few tips and things to​ consider when looking for a​ good lender are:
• Get a​ few referrals – Ask your family members,​ friends and Real Estate agent who they recommend and might have dealt with in​ the​ past.
• When you​ meet the​ loan officer,​ do they appear professional,​ organized and knowledgeable?
• Find out which,​ if​ any,​ memberships the​ lender holds,​ i.e.,​ Better Business Bureau,​ Chamber of​ Commerce,​ Mortgage Lender’s Association,​ etc.
• Is the​ lender offering you​ options to​ assist you​ with the​ down payment and / or​ closing costs?
• Ask the​ lender what their methods of​ communication will be with you​ during the​ loan process.
• Did the​ lender provide you​ with a​ Good Faith Estimate and Truth-In-Lending Disclosure? Legally,​ you​ should be provided with this paperwork within three days after submitting your application.
• What are the​ costs associated with the​ contract,​ i.e.,​ closing costs,​ etc.?
• Has the​ lender provided you​ with copies of​ everything you’ve signed?
• Did the​ lender give you​ a​ complete list of​ everything you​ need to​ bring with you​ when you​ are ready to​ sign the​ loan application?
• Does the​ lender require that you​ sign a​ Borrower / Broker Contract? If they do,​ RUN .​
You do not want to​ do business with a​ broker that makes that demand.
You want to​ work with lender that you​ trust .​
If you​ still have questions when your interviews are finished,​ ask for references and talk to​ those individuals yourself .​
This is​ a​ big decision you’re making and you​ have the​ right to​ get all of​ the​ information you​ need and want .​

Once you're comfortable with a​ mortgage lender,​ talk with them about the​ best way for you​ to​ structure your mortgage .​
Once offers for various loan types have been provided,​ you​ should talk with other mortgage companies and compare their rates to​ what you​ received .​
And always make sure to​ get your estimates in​ writing!
Remember that the​ mortgage that is​ best suited for you​ depends on​ several things .​
Your current financial situation,​ how and if​ you​ expect your finances to​ change,​ how long you​ plan on​ keeping your house and how comfortable you​ are with the​ possibility of​ your mortgage payment changing are all factors that need to​ be considered before signing any contracts.
Remember also that information is​ empowering and the​ more research and exploration you​ do,​ the​ better off you​ will be in​ the​ years to​ come .​
Make sure you​ are completely satisfied with the​ lender you​ choose because you​ want someone that will be there if​ you​ have questions,​ even after you​ close on​ your loan.

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