Choosing a Lender
When you (as the borrower) are researching loan types and trying to decide which is the best option for you and your family, at some point you’re going to need a lender. Choosing a lender is a crucial part of the entire loan process. Once you have done enough research about the loan program you would like to use and feel confident in your ability to be approved, you will want to contact a lender. Not just any lender, you’ll want to do some research on lenders as well. Be sure to shop different lenders and compare their loan programs, rates, guidelines, and requirements. Doing so will end up saving you thousands. Not every lender offers the same program so it’s important to ask as many questions as you can to familiarize yourself with each loan program. You’ll want to find a knowledgeable lender as well, and don’t be intimidated by the big banks either.
The first step when choosing a lender is getting a free quote. You can waste a lot of money by rushing into the first lender you find. Take time to find the perfect lender that matches your situation the best. The more experienced the lender is on a specific loan program will also make a huge difference. You wouldn’t go to an American restaurant and expect authentic Mexican dishes, so you want to make sure your lender is educated in the specific loan program you’re researching. For example, one lender may have really good rates and easy qualifications for a FHA loan, but they are only experienced with VA loans and have really only completed and funded a handful of FHA loan. You want someone who is not only experienced in the loan type, but also someone who has a strong track record of funding that specific loan. Having an experienced lender can help save you money and they will most likely know all the ins and outs to the loan, and will be more willing to jump through hoops to get you into your new home.
The entire home loan process is full of choices, luckily those choices are made by you, and you only. Don’t ever feel pressured into a certain loan or interest rate if you don’t believe it’s not right for you or doesn’t fit your needs. You have the choice to choose a lender from a small mortgage broker firm or one of the biggest known banks in the country. The power of choice is ultimately in your hands, just make sure you’re getting the best deal by shopping many lenders, don’t settle for the first one.
Getting Matched With a Lender
Ready to start your lender search? Start here and we’ll match you with a qualified lender who can help you with your home loan search and is available to answer all your questions. Just click the orange button below and you’ll be matched with a qualified lender who can help you with all your home loan needs. Don’t forget to shop around different lenders. Just because one lender offers one thing, doesn’t mean the next isn’t going to offer something better. Keep your options open and you’ll end up saving thousands of dollars and saving time.