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Back HomeHomebuying tips: Finding the right mortgage lender
Financing your home is half of the battle, which is why it’s important for you to come across the mortgage lender that is suitable to your needs. To find the best mortgage lender, here are five things to bear in mind.
- Make sure you have your credit report.
The first step when you shop for a loan is to get your credit report. This will help you determine whether you even need to obtain one. If you do, your credit report will also play a role in figuring out the best loan program for you.
- Narrow down your search through referrals.
To get names of potential lenders or brokers, turn to your trusted friends and family, or your real estate agent. Once you have some names, it’s time to take the search online and read reviews. From there, you can reach out to lenders or brokers you like.
- Ask questions.
Now that you have names of potential lenders, it’s time to ask the right questions. Raise topics like their preferred means of communication, turnaround times, and lender fees. The sooner you know, the better.
- Don’t be afraid to disclose your financial situation.
When shopping for a loan, communication is important. In order for lenders to offer the best loan program for you, you need to provide them the essential information. You might feel uneasy, but sharing all the significant details will make a ton of difference. Remember: potential lenders won’t be able to provide solutions if they are kept in the dark regarding your situation.
- Look at the bigger picture.
Get quotes from different mortgage companies, then compare. Some people stop at the principal and the interest rate, but it’s best to include all the points, so you can compare the full package. There are plenty of costs associated with homeownership, and reading the fine print and asking questions will help you make an informed decision.
Buying a home? Read more homebuying tips here.
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