Deciding to buy a home is a big step, and you need the right lender to work with you. Choosing the right mortgage company takes time, and it’s important to shop around. The following tips can help you make sure the lender you choose is the right one for you.
what kind of lender
A mortgage company can be large or small. If you want to deal with someone who is more personal and knows who you are from the moment you walk in, then a smaller lender is the better option for you. However, smaller businesses may not be able to get the best interest rate. Larger deals may negotiate rates differently and may get the interest rate slightly lower. You should research the different companies in your area to see how they compare.
Reputation of the mortgage company
When checking out businesses in your area, you should also take the time to check their reputations online. Many sites are dedicated to giving consumers a voice in how they are treated. You shouldn’t just look at reviews from current and past customers; you should check with the Better Business Bureau. When you talk to the associates of these businesses, don’t be afraid to ask questions about what you read. It gives them a chance to explain any contradictions you may have found.
Ask family and friends
If you have family or friends who already own a home, ask them who they use. You can find out how the lender treated them during the application process and since they completed the sale of your property. By getting these first-hand references, you know you’re considering someone you can really trust.
Real estate agents can help
Real estate agents don’t just know where the best homes are. They also know who the best mortgage company is. If you don’t already have pre-approval in the works before you speak to an agent, get their advice on which groups are best. Yes, they can recommend your in-house lender first thing in the morning. However, a great agent will also tell you which officers take the best care of their clients. If you go with one of these agents, make sure he or she knows that your real estate agent referred you. It could earn you a discount at closing and help ensure the two of you work well together during the closing process.
A runner may still be the answer
Not everyone has the time to do all the research themselves. If that’s the case, you may want to hire a specialist who can save you time when looking for a mortgage company. However, you should be aware that brokers earn commissions by arranging deals between the borrower and the loan officer. Most brokers work to find the right lender for their client. Some, however, look for what will give them the most profit. Do your homework on any broker you are considering before hiring one.
