Utah's Mortgage Blog By The Mortgage Partner, Inc.


Posted on Sept 2, 2016 at 2:30 PM


August's Mortgage Post

How to Find the Best Mortgage Lenders

When buying a home you are making a huge long term commitment. You will have a mortgage payment anywhere from 15 to 30 years, so it is a good idea to shop around to find the best mortgage lenders around.

Picking the wrong company or product could have you over paying for your home loan. Finding a lender entails more than just a good interest rate, you want the best company with the bes staff who will guide you through the process.

Here are some guidelines to finding the right mortgage company.

Credit score

You will first want to make sure that your credit and credit score are in order. You will have more bargaining power the higher your credit score is.

Shop

When you decide you are ready to look for a mortgage lender it pays to shop around. Talk with at least three different lenders, this enables you to get a sense of the person, the interest rates, and the specifics of the loan they can offer you.

You can also ask friends, family member, or coworkers that you know have purchased a home recently about their lenders. Getting referrals can help you week out some of your prospects.

Ask Questions

Your situation may be unique; are you a first time home buyer? Are you looking for a specific type of loan such as VA, USDA, or FHA? Or are you concerned about your low credit score? Make sure you ask prospective lenders if they have that type of experiences.

You will also want to ask about their requirements and fees.

Shop

When you decide you are ready to look for a mortgage lender it pays to shop around. Talk with at least three different lenders, this enables you to get a sense of the person, the interest rates, and the specifics of the loan they can offer you.

You can also ask friends, family member, or coworkers that you know have purchased a home recently about their lenders. Getting referrals can help you week out some of your prospects.

Reviews

Reviews can be a useful tool in helping you choose a lender to work with. They will give you good understanding of what it is like to work with a certain lender.

First Impression

Your mortgage lender is someone that you will be working closely with, so be sure to remember how what your first impressions are. Were they prompt to respond to your initial contact? Were they friendly? Do they take the time to explain and educate you?

Compare

Get a loan estimate from each prospective lender; this will help you to easily compare the different loans. A loan estimate will show you the details of the loan, including rate, fees, monthly payment, etc.

To find out more about these loans and figure out which, if any, might be right for you, contact The Mortgage Partner today.


Contact us here.