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3 Critical Tips To Choosing A Mortgage Lender

3 Tips for How To Find A Mortgage Lender

Making sure you choose the right mortgage lender for your situation is critical and all of our team members are here and ready to help. Here are a few steps that will help you figure out what you need before working with our team members and how to make the home buying process even more accessible.

Choosing a mortgage lender can be confusing. There are so many options out there, and they all seem to offer similar services. How do you choose the best one?

Mortgage lenders provide loans to home buyers or sellers. They also manage the loan payments and collect the interest from borrowers. The main difference between lenders is their service offerings, such as processing fees, closing costs, and other charges.

"You should consider several factors before choosing a lender. These include the type of loan (fixed rate vs adjustable), the amount of down payment required, and the length of the term."

Our team members are experts in the mortgage industry and are here to help you find the right mortgage lender for your situation. Here are a few steps that will help you figure out what you need before working with our team members: Know your credit score and history. This will help you determine what type of mortgage you qualify for. Know how much you can afford to spend on a home. This will help you narrow down your search to lenders who offer loans that fit your budget. Research different lenders to compare rates, fees, and terms. This will help you find the best deal for your situation. Ask our team members

How To Choose A Mortgage Lender

Get Your Credit Score in Shape

Not everyone can qualify to buy a home; you have to meet specific credit and income criteria to assure us that you can repay your loan. A low credit score signals that lending to you could be risky, which means a higher interest rate on your home loan. The higher your credit score and the more on-time payments you make, the more power you'll have to negotiate for better rates with potential lenders.

  • To elevate your credit score, make sure your credit reports are accurate and free of errors.
  • Next, try to pay off high-interest debts and lower your overall level of debt as quickly as possible. By reducing your debt, you'll improve your debt-to-income ratio. Paying off credit cards and recurring loans before you buy a home will also free up more money for the down payment.

Get Pre-approved

Getting a mortgage pre-approval letter before looking at houses will give you an edge when bidding against other buyers. The letter shows the seller that you're a sincere buyer whose loan is likely to close.

Getting pre-approved now will also save time later. Then, when you're ready to make an offer on a home, our team will already have the information they need to process your home loan.

You'll have to provide our lenders with your financial information to get pre-approved. Here's a list of what a lender typically requires:

  • Social Security numbers for yourself and any co-borrowers
  • Bank, savings, checking, investment account information
  • Outstanding debt obligations, including credit card, car loan, student loan, and other balances
  • Two years of tax returns, W-2s and 1099s
  • Salary and employer information
  • Information about how much of a down payment you can make and where the money is coming from
Ask the right qustion when picking a mortgage lnder

Ask Us the Right Questions.

Making sure you feel comfortable working with our team is essential to us. So, once you're ready to dive in, feel free to ask us the below:

  • How do you prefer to communicate - email, text, phone calls, or in-person? How quickly do you respond to messages?
  • How long are your turnaround times on pre-approval, appraisal, and closing?
  • What lender fees will I be responsible for at closing? (Fees may include commission, loan origination, points, appraisal, credit report, and application fees.)
  • Will you waive these fees or roll them into my mortgage?
  • What are the down payment requirements?

We're happy to answer any questions during the home loan application process, but we understand you'll have a lot circulating before making it official!