Home buyers have many options when selecting their mortgage lender. The lowest price or best terms are not the only considerations. The key ingredients are interest rate, terms, AND service. Use the following tips to guide your selection:
- Make sure that the lender gives you the rate and terms in writing. It is easy to quote a good rate to capture your loan. If you don't get it in writing, the quote could change. To keep a rate your lender quotes you, lock in the rate and get it in writing.
- Share your main mortgage goals. Then let the lender offer suggestions on which vehicles meets your needs. If lenders don't offer counseling, their service is below par.
- Determine how accessible your lender is during loan processing. Ask how the loan will be processed and who will be available to answer your questions. Ask for a direct line. If the lender resists giving you a direct number, you may have difficulty getting through at an important time.
- Ask about the processing support the lender has available. If the lender does his/her own processing, takes loan applications, and prospects for new business, he/she may be too busy to take care of your loan in a timely fashion.
- Confirm processing time. If the lender cannot promise a date, then you may not be able to confirm your contract closing day.
- Ask your for lenders they have worked with who give competitive rates, terms, AND great service.
Learn more about obtaining written proof that you can qualify for a loan or learn about the different types of mortgages and mortgage products.