Choosing the right lender is an important step in your home-buying journey. It will impact your costs as a borrower and your overall experience when buying a home.
Mortgage lenders can vary quite a bit. Every company offers different interest rates and loan programs, and fees and customer service can also be widely different.
How do you find the right lender for your home purchase? Here are the steps you should take.
Understand what loan type you need. There are many kinds of home loans, including FHA, conventional, jumbo, and more. Each one has different requirements for borrowers. Study up on loan programs to determine which ones might work for you. Doing this can help you pinpoint a lender who offers what you’re searching for.
Ask for referrals. Ask your friends, family, and colleagues for lenders they may have used when buying a home. We can also discuss local lending experts as you start your home search. Then, you can continue researching available loan programs, rates, and other details.
Check out online reviews. Look up customer reviews of the lenders you’re considering on multiple platforms. You can also look at the NMLS database to see if there are any legal or licensing issues with the lender.
Get pre-approved and compare offers. Once you’ve narrowed your pool of potential lenders, apply for preapproval. Then, you’ll get a loan estimate detailing the terms and costs of the mortgage each company is offering you, which you can use to compare your options.
If you have questions about home buying or need help finding a great mortgage lender to work with, contact me today. You can also contact Adam or Nick today!
