Saturday, August 18, 2012, AM | 2 Comments
If you are new to the home buying process, you may be a bit confused. There are lots of mortgage lenders out there and it can be confusing to choose which one is best for you. Choosing a mortgage loan is a huge choice that should not be taken lightly.
You must do your research and choose which one is best for you and your new homebuyer needs. You’ve come to the right place.
Here are five important tips to consider when you`re buying a new home and choosing a mortgage lender.
First tip is to avoid lenders that are out of state and you are not familiar with. When a lender is from another state, there may be hidden fees for you since you are not loaning the money from the same state that you live in. You must check this out before you choose a mortgage lender.
If the mortgage lender is a nationally used and well-known lender, you should be fine. Just do your research and make sure that it is best for you and watch those hidden fees that are unnecessary.
The second tip is to check out the Better Business Bureau. If the lender you’re investigating doesn’t have a good review with the Better Business Bureau, take that as a huge red flag and run the opposite direction quickly.
The Better Business Bureau will have reviews from other customers and if there is a problem with the mortgage lender, you will quickly find out what it is from the Better Business Bureau.
The third tip is to be leery if your real estate agent recommends a mortgage lender to you. Usually, it is fine and they are probably just making a good recommendation, but sometimes it can go wrong. Sometimes real estate agents and mortgage lenders form alliances.
This means that the real estate agent is compensated when their clients get a mortgage through the particular lender. Make the decision about your mortgage lender based on your knowledge and needs, not someone else’s.
The fourth tip to consider is whom your friends and family members used for their mortgage lender. You might want to check with the people around you. They can give you a positive or negative opinion based on their experience and they could ultimately help you with making your decision.
The fifth tip is to keep your best interests in mind. Know what you want from your lender and don’t stop until you get it. Don’t be talked out of something, just to suit someone else`s agenda.
The mortgage lender you choose is stuck with you for however long you set your mortgage loan to. If you choose a 30-year loan, you’re stuck with that mortgage lender for 30 years. That is a long time to make the wrong choice and then have to deal with it.
Check the lender’s reputation and the amount of time the lender has been in business. Do your research, at resources such as simplyfinance.co.uk, know what you want and do not settle.
EMID – EM-CL1
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- Aug 18, 2012: 5 Tips for Choosing a Mortgage Lender | Mortgage