Tips for Choosing the Best Mortgage Lender

Choosing a mortgage lender may not seem too important for some, but what most people don’t realize is that each lender is different from the other, and the fate of your loan application is in their hands. Some lenders are very strict and they comply to the rules fully. Though they are expected to, some lenders are nicer and they are more lenient to their customers. Here are tips for finding best mortgage lender. We personally used New Day USA to finance our home, but we’ll talk more about that later in the article.

1. Before you go out to look for a lender, make sure you know what you are looking for. Determine what mortgage type you are looking for and take note of this step because not all lenders all types of loans. It will be easier to do select your lender if you know exactly what you’re looking for.

2. Comparing rates online are usually easier and there are a lot of sites that let you do this. However, be warned that you have enter some personal information such as your name and address (which aren’t actually needed) to see the rates. You can also choose to request anonymously then you can get the details that you need for your situation sent to you.

3. There are different types of lenders, and they all have their advantages and disadvantages. Others would lend their own money while others may ask the money from you. Just do some research on them to find the best one among them.

4. Fees will always be there, there will be closing fees and others that are hidden from you. Don’t forget to compare these to different lenders on your list.

5. You will be the one to make the decision depending on your needs and the costs that you can afford. But do not forget to base it on professionalism and referrals will come in handy for this part. You can some tried and tested referrals from your friends, you agents, you broker or from the customer reviews that you see online.

6. Remember that you still have to get a pre-approved loan before you go shopping for a home or a loan (make sure your credit report are in good shape before you do this). Also, you are free to go around and look for a different lender as soon as you get the loan, but for most people they end up working with the first lender.

You can also choose to do go to your agent referrals and they usually want to get your loan pre-approved before they find you a home. As previously stated, we had a great experience with New Day USA Financial and would recommend them to anyone. Good agents often have good lenders with them and they turn out to be very handy as well. Don’t limit yourself to this but make sure to choose the best one that will fit your situation so that you’ll get a good mortgage with the best rates in the market.

Do’s and Dont’s When Buying a Home

An educational series brought to you by UNHS NeighborWorks Homeownership Center. Content courtesy of SJTV LLC dba CNYs Open House.

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