May 20th, 2019 8:25 AM by Jackie A. Graves
Imagine finding a dream home that’s perfect for the family.
After passing the home inspection process, all that’s left to do is find the right lender to help make this dream of home ownership come true. That should be easy, right? Despite all the mortgage lenders available today — from a local bank to online mortgage lenders — it’s often difficult to determine the best option.
Choosing the right mortgage lender can be a tough task, but it’s a necessary part of the home-buying process. Just remember, when it comes to finding the right lender, there are some important qualities to look for:
1. They walk their clients through the entire mortgage process. Good mortgage lenders go out of their way to make sure their clients, especially first-time home buyers, understand what the mortgage process entails. These lenders let clients know what loans they’re eligible for and what the basic requirements will be to obtain those loans. They also know what specific documents the client will need to provide in order to qualify.
2. They give local support. If the lender is local, that means they will know the local market, and may have experience and connections with local people such as real estate professionals and appraisers who can make the process easier. It is important to work with an experienced lender because they are knowledgeable in every area of the mortgage process. Before choosing a lender, find out how long they have been in the mortgage business and in the community. The more experience a lender has, the more capable they will be to handle specific needs.
Also, if the local lender maintains servicing of the loan, it’s very easy to contact them with questions about the loan — even after the closing. That beats having to contact an unknown lender that’s located in another part of the country.
3. They are direct. One of the best qualities of a good mortgage lender is being forthright. This is especially important when it comes to the topic of rates and fees. Customers are seeking honest answers, not a response that is evasive.
Not all mortgage lenders are alike when it comes to pricing. When comparing lenders, make sure to closely review fees and rates to ensure there are no surprises. Building trust is fundamentally important.
4. They have a proven track record of success. Does the lender come highly recommended from others? Ask a real estate professional and neighbors about lenders they have used to see if they have had good or bad experiences they are willing to share. If a lender’s previous customers have good things to say about them, chances are others will have a positive experience as well. When looking for information regarding a lender’s reputation, contact the Better Business Bureau. If the lender is a member and does not have any complaints against them, they could be a good option.
5. They don’t put any pressure on their clients. Deciding on what type of loan works best is a big decision. A good mortgage lender won’t try to rush their clients as they contemplate their choices. Take as much time as needed when deciding what loan makes the most sense. It’s also important to choose a lender who displays integrity by helping their clients find the loan program that’s right for their budget rather than trying to sell a mortgage that’s more than the client can comfortably afford.
Purchasing a home can be exciting and scary at the same time. The best way to take some of the fear out of the process is to do your research to find a reputable mortgage lender. Through their knowledge and expertise, a good mortgage lender can often simplify the process and make it less confusing and complicated.
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