Tips For Choosing The Best Mortgage Lender
Choosing a mortgage lender may not seem too important for some, but what most people don’t realize is
that each lender is different from the other, and the fate of your loan application is in their hands. Some
lenders are very strict and they comply to the rules fully. Though they are expected to, some lenders are
nicer and they are more lenient to their customers. Here are some financial tips for you to choose the
right lender to serve you.
Before you go out to look for a lender, make sure you know what you are looking for. Determine
what mortgage type you are looking for and take note of this step because not all lenders all
types of loans. It will be easier to do select your lender if you know exactly what you’re looking
Comparing rates online are usually easier and there are a lot of sites that let you do this.
However, be warned that you have enter some personal information such as your name and
address ( which aren’t actually needed) to see the rates. You can also choose to request
anonymously then you can get the details that you need for your situation sent to you.
There are different types of lenders and they all have their advantages and disadvantages.
Others would lend their own money while others may ask the money from you. Make sure you do
enough research on them.
Fees will always be there, there will be closing fees and others that are hidden from you. Don’t
forget to compare these to different lenders on your list.
You will be the one to make the decision depending on your needs and the costs that you can
afford. But don’t forget that you also have to base it on professionalism and referrals will come in
handy for this part. You can some tried and tested referrals from your friends, you agents, you
broker or from the customer reviews that you see online.
Remember that you still have to get a pre-approved loan before you go shopping for a home or a
loan (make sure your credit report are in good shape before you do this). Also, you are free to go
around and look for a different lender as soon as you get the loan, but for most people they end
up working with the first lender.
You can go to Zillow Mortgage Makretplace as a source for lenders. You can also choose to do go to your
agent referrals and they usually want to get your loan pre-approved before they find you a home. Good
agents often have good lenders with them and they turn out to be very handy as well. Don’t limit yourself
to this but make sure to choose the best one that will fit your situation so that you’ll get a good mortgage
with the best rates in the market.
Debt income ratio and house expense ratio are two important factors which every lender will consider
before he offers you mortgage loan. Apart from maintaining these factors you should also keep an eye on
your credit scores & keep them high.