Many homebuyers rely on their agents when choosing mortgage lenders. In a survey of agents, 76 percent of them said that their clients usually use the lenders they recommend. Most brokers have a few lenders that they work with, ranging from one to three. Another 24 percent work with four or more lenders. But how do you know which lender will be right for you? Here are some tips for choosing mortgage lenders. And, as always, remember to compare your options! McGowan Mortgages has some nice tips on this.
A vitally important factor in choosing a mortgage lender is customer service. Good mortgage lenders take full responsibility for processing your loan and ensure all requirements are met without delay. They monitor the entire process, ensuring that all your paperwork is processed on time and that you receive your loan approval as soon as possible. Remember that no two people are the same, and customer service can make or break a homeowner’s experience. That’s why personal, customized service is so important when choosing a mortgage lender.
Before you begin the search for a mortgage lender, take a look at your credit score and debt-to-income ratio. Do not forget to ask your friends and family for recommendations. A high credit score will help you qualify for a mortgage, as will keeping your debt-to-income ratio low. If you can, try to stay in your job for two years or more. If you aren’t able to, try to find a lender who offers flexible closing dates.
Choosing a mortgage lender can be difficult, but it’s an important decision. Doing so can save you hundreds of dollars per year. Choosing the wrong one could cost you thousands of dollars over the life of the loan. Compare terms and fees from different lenders and ask for recommendations. If you don’t have time to compare multiple lenders, you can always consult a mortgage broker. When you find a mortgage lender you like, apply for a loan immediately.
When choosing a mortgage lender, make sure to check the terms and conditions of the loan. Ask loan officers about current interest rates and ask about any other fees that are associated with a mortgage. Remember that not all mortgages are created equal, so make sure you know your options and choose the best one for your needs. Also, note that not all mortgages are government-insured and backed by the government, so make sure you understand the details of each mortgage. You’ll be happier with your loan when you know the terms and conditions of the loan.
Finally, don’t overlook your local bank. Although you may think a community bank can’t provide round-the-clock customer service, most local banks offer online applications, extended hours of customer service, and personal cell phone numbers. That’s a big benefit, especially for homebuyers. The convenience and service of local banks can’t be beaten. If you live close to one of these banks, they are probably the best choice for you.
800 E 101st Terrace Ste. 350B
Kansas City, MO 64131