Choosing the right lender for you can sometimes be overwhelming. How do you find the right one?
It can be overwhelming browsing the yellow pages, online and referrals from others. Getting a mortgage is probably the largest investment that you will ever make and one that shouldn’t be taken lightly. Here are some tips to get you started that will hopefully help.
- Research – research your options ( family, friends, online resources) Check their websites, google them, check their ratings ( Zillow, testimonials, and other real estate referral sites) that can show you their work ethic.
- Ask questions – Ask how they communicate? (email, text, phone) What are their working hours and availability? What is their experience with your situation? ( FHA, VA, shortsales, purchases, refinances, etc) What are their underwriting turn times? I have actually listened to a loan officers voicemail that said they do not return voicemails in less than 48 hours.
- Do you have a good rapport with them? – Do they rush you in taking your loan application? Do they take the time to get to know your situation or do they just want your social security number and date of birth to pull credit?
There are thousands of mortgage companies and lenders out there promising you the world and trying to offer you the best deal out there to earn your business. Rate isn’t everything in choosing a lender but it might be the starting point. Make sure that you know what you are getting into so that 3 weeks later you still haven’t closed your loan and wondering where things went wrong.
Times are tough for alot of lenders and make sure that you as a borrower know who you are using on the other side of the transaction.
Mortgage rates are great and prices on housing is low and affordable! It is a great time to purchase and refinance and hopefully this will help in finding the right loan officer and lender for you!