How to Find a Good Mortgage Lender
The search for a new house is an exhausting process. Chances are you looked at dozens of homes either online or in person before you found one that fit all your needs. The next step is to find a mortgage lender who can get you the monthly payment you want or the interest you need. Before you can call the Maryland movers to get your things into a new house, you have to find the right mortgage company.
Determine What Matters Most
A great place to start is deciding what you want from your lender. You may be looking for the lowest interest you can get or a certain monthly payment. For some people, closing costs and down payments will play the biggest role. You can even use online tools to sort the quotes you get by the area that interests you the most.
Start Broadly, Then Get Specific
When shopping around for a lender, do a general search so you can get familiar with the different options you have. You may want to look into what kind of deals or incentives companies are offering. For example, some lenders offer you a rebate or money toward your down payment if you choose to go with them.
Once you have an idea of what the marketplace looks like, you can start pinpointing a few lenders to speak with more specifically. A good place to start is your current bank or credit union. You can also ask your family and friends for referrals. If you are purchasing new construction, the sales office usually partners with a lender who will offer incentives for your business.
Hiring a Broker
You may want to consider hiring a broker to help shop your loan. Brokers usually have relationships with lenders and may be able to find a better deal than you could on your own, as they likely know the market better than you. Be careful when using a broker you do not know, as they are not obligated to get you the best deal. Some may choose instead to select the company through which they make the most profit. You can ask a broker to speak with their most recent clients to see what their experience was like. Your real estate agent likely has a good handle on which lenders or brokers are reputable and which to avoid.
Observe and Report
Take notice of how the lender treats you when you first make contact with them. You want to look for someone who is prompt and courteous in their response. When you ask questions, be sure to note if they take the time to thoroughly explain something to you. If a lender takes days to respond to your requests and is abrupt with you, you may want to consider finding another company. The mortgage process is lengthy and can get complicated. Find someone who will treat you with respect, or else you are in for a bumpy ride.
There is a lot to think about when you a buying a new home: which things to take, which Maryland movers to hire, which room is the guest room and which is the kid’s. While you are sorting through that, it is helpful to know you are working with a good mortgage company who will help you get the loan that fits your budget.