Mortgage Lender: What To Look For

2007-03-08 10:33:40

( Financial )



If you are buying a new home or refinancing a mortgage on an existing piece of property, you are making a lot of stressful decisions. Getting a mortgage lender that is right for your circumstances may help you in making good decisions when it comes to your mortgage. It is understandable that the best interest rate being offered is the biggest consideration, but there are also a lot of things to look for when choosing a mortgage lender.

First, you should look for a mortgage lender who is certified by a local or national mortgage association. A certified mortgage lender has been intensively trained in all aspects of lending before he can get his certification. A certified mortgage lender can recommend the best options for your mortgage needs. You can find the best mortgage lender just by asking friends and family who have worked with other mortgage lenders for recommendations. They would be able to tell you if they were satisfied with the lender’s services. You will probably get several lenders on your list. It is prudent to check them all out before making a decision.

Second, if you do not have the time to visit every mortgage lender on your list, you can do your research over the internet. Most mortgage lenders have customer service hotlines you can call to get information. You can ask about the terms they offer, their rates, requirements and other financial information that you need to know. If the mortgage lender is unable to answer your questions to your satisfaction, just call the next one on your list.

Last, avoid mortgage lenders who are unable to quote or even provide a ballpark figure when it comes to your interest rate. Avoid mortgage lenders who do not provide you with a clear list of their costs and the services they offer. Also avoid offers in the mail that say you are already pre-qualified for a loan. You should pick a mortgage lender that you trust and are comfortable with.


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