How to select a mortgage lender
"Dream Home" financing does not have to be complicated whether it is a first home purchase or the last and best home purchase.
In searching for the "best" lender, home buyers will typically request and receive information on interest rates, loan terms and pricing/costs. I often suggest to home buyers to get better acquainted with your prospective lender as you did with the real estate agent. The "cheapest" rate is not always the best value. How much if a home buyer gets put through the wringer and then surprised at the closing table with a higher interest rate and/or terms.
The most difficult decision for a home buyer to evaluate is how to compare a particular lender's intangible benefits and level of attention. How can a home buyer rate a person at the end of a toll-free 800 number in "who knows where?" I cannot offer any good advice since I, personally, like to establish a personal relationship with those I frequently do business with. Having a relationship with a lender is very valuable should questions arise or if something happens. After all, this is one of the largest purchases we make in our lives and the relationship can be the difference between a "great" experience and a "bad" experience.
The simple suggestions I can offer for selecting the "best" mortgage lender are:
• Interview your lender and ask hard questions
• Be sure to question the lender about his/her experience
• Request references of previous clients
• Check the lender's website for critical knowledge levels
In searching for the "best" lender, home buyers will typically request and receive information on interest rates, loan terms and pricing/costs. I often suggest to home buyers to get better acquainted with your prospective lender as you did with the real estate agent. The "cheapest" rate is not always the best value. How much if a home buyer gets put through the wringer and then surprised at the closing table with a higher interest rate and/or terms.
The most difficult decision for a home buyer to evaluate is how to compare a particular lender's intangible benefits and level of attention. How can a home buyer rate a person at the end of a toll-free 800 number in "who knows where?" I cannot offer any good advice since I, personally, like to establish a personal relationship with those I frequently do business with. Having a relationship with a lender is very valuable should questions arise or if something happens. After all, this is one of the largest purchases we make in our lives and the relationship can be the difference between a "great" experience and a "bad" experience.
The simple suggestions I can offer for selecting the "best" mortgage lender are:
• Interview your lender and ask hard questions
• Be sure to question the lender about his/her experience
• Request references of previous clients
• Check the lender's website for critical knowledge levels
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