A mortgage lender plays a major role in your home purchase. The lender holds the purse strings and the level of service they provide can spell a big difference between a happy homeowner and a disappointed would-be buyer missing a home purchase.Check Shannon Christenot for Los Angeles Mortgages
Selecting a mortgage lender to help you buy your dream home requires a thorough research and careful planning. Before you shop around for a lender, determine first the kind of mortgage you are looking for since not all lenders handle all loans.
Here is a list that could help you in choosing a mortgage lender:
- Be aware of the present mortgage rates to be able to compare the rates and services offered by several lenders for different kinds of loans. Make sure to study the kinds of lenders and their pros and cons for your mortgage needs.
- Make sure to understand the fees since aside from interest rates you will also have to deal with the costs of closing and points and commissions on occasions that you do not see.
- Real estate agents can help you choose a mortgage lender. Good agents often have some lenders they can refer to you.
- Referrals from family and friends are also good sources when it comes to choosing lenders. Inquire if the mortgage lender describes the various kinds of loans available, the locked-in rate and closing costs. If they are happy with the lender’s services, it is likely that this will work out for you as well.
- You will also be able to check online to choose a mortgage lender. There are many sites offering estimates from various lending companies, but sometimes you have to give personal information like your social security number. You can decide upfront if you should have an in-person service to narrow down your choices.
- If you do not have time to look for a lender yourself, a broker could help you find one. Nevertheless, you have to pay the broker upfront. Inquire about a certification of the mortgage lender or broker since dealing with a certified one is an assurance that you are safe.
- Inquire on the fees, terms, penalties, discount points and costs involved in the deal. The mortgage life is broken to several mortgage terms like three, four or five year term and lenders charge for fees for a particular mortgage.
The internet is a great source of information regarding lenders. Doing your research online will enable you to look for customer reviews and testimonials from people who have used the services of some lenders. From these testimonials, you will be able to determine which mortgage lender is the right one for you.
Furthermore, most of the reputable and stable mortgage lending companies has their own website where you can get further information. You will be able to browse and see what they have to offer. Choosing a mortgage lender is not an easy job, thus, if you are in doubt, you can always opt for the most financially stable and highly reputable mortgage lender to help you purchase your dream home.