There are all kinds of options for mortgages – your current bank, mortgage bankers and brokers, some are online and some have offices in your area. What’s best for you? Many people get referrals from friends and realtors – it’s helpful to know someone has used the lender you are going to work with. Â Getting a mortgage can be a complex process and you want to make sure you have the right lender to guide you through the process.
The best option is to talk to 2-3 different lenders – if you are looking for a specific program, you may need to talk to more lenders. Â Ask questions and do your homework is the best advice anyone can give you. I always tell clients that they want to be comfortable with their lender.
Some questions to ask lenders are:
- How long has your company been in business?
- How long have you been in the business?
- Does your company have in-house processing and underwriting?
- Are there any up-front application fees?
- How long does it take to get from application to closing (or loan approval)?
- What is your typical response time to emails and voicemails?
- Are there any special programs that I might qualify for?
You also want your lender to ask you several questions. In order for them to know what is the best program for you, they need to know what you are looking for and if you have any special circumstances that might affect your loan approval. A lender that takes time to talk to you, get to know you, find several options for you and personalize the experience for you is probably your best option. Â Sometimes the cheapest interest rate is not the best option. Sometimes it is better to pay a little more and get better service so that you know you have the best program for you, plus hopefully a low interest rate and closing costs. The cheapest rate doesn’t help if you can’t get your loan done in time for your closing.
Once you decide on a lender, make sure you help them by getting all your documents to them quickly. Â The more information your lender has, the easier and quicker it is for us to get your loan approved and ready to close!
To make sure you are getting the best deal for you, do your research, take time to ask questions and compare rates, terms and different programs. Â Most important, make sure you are comfortable with the lender you choose!
Leslie Vanderwerf, NMLS ID#335509, American Mortgage & Equity Consultants, Inc., An Equal Housing Lender, NMLS#150953 – Email – Website
