If you’re planning to purchase a home through a loan, you need to look into the following considerations in choosing a mortgage lender:
What kind of lender should a buyer look for?
As a home buyer, you need to choose a lender that provides its clients and viewers an avenue to shop for the best information regarding home and real estate. You should be able to get current updates on issues like loan program, lender fees, lender rating, APR, monthly payment, interest rates and the cheapest cost of mortgage over a certain period of time. In short, the mortgage provider should meet your needs.
What should you observe from a lender on your first meeting?
In any business transaction, it is vital that you are comfortable with whom you are dealing with. On your first meeting with a particular lending company, try to observe the way they address or respond to your various queries. Do a mental note on their behavior, specifically on the following areas:
- Is the lender accommodating and patient enough to answer your questions?
- Is the lender amiable to deal with? Do they treat you and your concerns respectfully?
- Are these people trustworthy? Do they honor the quote they posted both online and in an offline ad?
- Are they proactive in discussing the timetable of the loan you are interested in, such as estimated closing date or the schedule of locking the date?
- Are they good in explaining options on the different types of mortgage you might be interested in?
- Were you made aware that rates are sometimes variable?
These questions will help you decide if you want to do business with this lender or if a better financial institution is fit for you.
Does the lender have credible reviews?
Reviews are effective tools to help buyers and consumers make smarter mortgage-related decisions. It is easier to understand a process or option when we see it through the eyes of others who have experience the lender’s services. A good lender’s review should be based on four categories: speed of response, knowledge of real estate issues, extent of assistance, and degree of follow through.
Are you ready to buy? Do you have more questions?
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