How To Choose A Mortgage Lender?

Finding the best mortgage loan is about more than just securing the lowest interest rate. Itʼs also important to make sure youʼre comfortable with the company thatʼs handling the loan.

Where Can You Get a Mortgage?

You could consider a local bank branch where you have a savings account, an online lender or a mortgage broker that works with many lenders.

Conventional Banks

Mortgage loans are part of the portfolio of services at banks, which also offer checking and savings accounts, other types of loans and possibly investment services.

Credit Unions

To get a mortgage loan with a credit union, you need to be a member, which usually means you have to have a “common bond” with others.

Nonbank Mortgage Lenders

One advantage of working with one of these lenders is speed—some of the largest online mortgage companies in the country have built their brand on quick loan turnaround.

Mortgage Brokers

A mortgage broker reviews offers from a network of lenders and advises you on the best loan offer, then acts as an intermediary between you and the lender by gathering your documents and providing them for the underwriter.

Mortgage Marketplaces

Some companies offer services that allow you to review interest rate quotes from multiple lenders and choose which one you would like to work with on your loan.

How to Find the Best Mortgage Lender?

Mortgage rates are readily available online on lender and rate aggregation sites, and many lenders aggressively post ads with their rates as a way to draw you to their website. The banks or credit unions where you have accounts are good places to start on your mortgage loan search, as they might offer special rates and fees for customers. Finally, talk to friends and real estate professionals for references—they might be able to suggest a lender or broker that theyʼve worked with and can recommend.

How to Prepare?

Before you start applying and seek mortgage pre-approval, make sure youʼre financially ready to take on a loan and get the best rate possible. Youʼll want to prepare for your mortgage application by:

– Checking and improving your credit score

– Saving for your down payment

– Ensuring your income is stable

How to Compare Mortgage Loan Offers?

Itʼs important to compare interest rates and fees offered by at least three lenders and/or brokers so you can be sure you have the best deal. Here are a few things to compare the offers:

-Interest rate

-Fees

-Down payment and mortgage insurance

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