The most important thing that you need to think thoroughly if you are planning on buying or refinancing your home is deciding your Mortgage Lender. You will deal with your mortgage for years so it is better to plan ahead of time. Choose the best mortgage in accordance with your needs and financial capacity. Here are a few tips to help you out when choosing the right mortgage lender.
1. Consider having a mortgage broker. Having a mortgage broker can be useful but not outright necessary. A mortgage broker can basically save you time and effort in finding a list of lenders that are suitable to your wants and needs. Just be wary that brokers earn when they set up a lender and a new homeowner. Make sure that your broker is working in your behalf and not just thinking about being in for the highest bidder.
2. The first pick is not always the best pick. There are a lot of mortgage lenders in the market. Large or small, they offer different interest rates, promos and etc. It is your responsibility to choose the ones that are really suitable for you and not the one that caught your attention first.
3. Talk to your Real Estate Agent. One of the benefits of working with a real estate agent is that he/she has established networks with different companies for your housing needs. Talk to your real estate agent and ask for advice about your mortgage lender. Remember not to limit the options with mortgage lenders that are affiliated with the company your agent works for. Be sure to ask about other mortgage companies that are suitable for you even if it they are not affiliated with the agent's own company.
4. It is not always about the name. Some mortgage lenders have a lot of titles before and after their name such as Senior Loan Officer, Advisor, Consultant, Planner, etc. Be sure to have a reputation check and not succumb to the honorifics that they put before or after their name.
