5 Tips To Pick The Right Lender

5 Tips To Pick The Right Lender

Posted by Jennifer Looper · on July 12, 2017 · in Jennifer Looper · with 0 Comments

One of the most complicated decisions you will likely make concerning your home mortgage will be which lender to choose. Today there are several mortgage lenders out there ready to accept your loan application. But just because a lender accepts your application doesn’t mean it’s the right deal for you. Since you’ll likely be associated with your mortgage for years to come, it’s important to make sure you shop around and choose the best mortgage lender for your needs. Here are five tips for picking the right mortgage lender.

 

  1. Find a Direct Lender: If you are looking to deal directly with the company that will be making the decision on your loan and get the process done quickly without the added cost of a middle man (Broker), a Direct lender is the way to go. Direct lenders will often handle the entire process in-house making the process more efficient and less expensive for the borrower.
  2. Decide What Kind of Lender You Want: Do you prefer a small lender or a large lender? If you are someone who prefers more personal customer service and a lender who knows your name, you would likely want to go with a smaller lender
  3. Ask Around for Mortgage Companies: 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 cut through the sea of prospects to find someone you know you can trust
  4. Talk to Your Real Estate Agent: A good agent will not limit recommendations to his or her in-house lenders, and smart loan officers take especially good care of customers recommended by real estate agents. Use this to your advantage, and make sure the lender you speak with knows you came to them through a recommendation from your agent
  5. Research the Lender’s Reputation: No matter how you hear about a lender- whether from a family member or a website- it is imperative to do your research. Check online reviews and don’t hesitate to bring up any questions you have with a potential lender. Learning as much as possible about who you might be dealing with can save you a number of headaches later on. Shopping around for the right mortgage lender can be daunting.

 

We look forward to having the privilege of helping you with all of your mortgage needs.  Call Us or visit us at www.homewaymortgage.com!

Jennifer Looper

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