Finding the Best Mortgage Lender in Your Area
If you are buying a home and using a mortgage loan to finance it, you will want to work with a mortgage lender you trust. The right mortgage broker or direct lender will be able to help you explore your home loan options, lock in the best mortgage rate and make smart financial decisions throughout the home buying process.
Ask Around
One of the first things you can do when looking for a mortgage broker is to ask your friends and family for a referral. Maybe you know someone who recently purchased a home and will offer you some helpful advice. If that person trusts their mortgage lender and you trust them, then that’s a good place to start. Talk with your own bank, as well. They may offer mortgage lending programs or a referral network.
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Do Your Own Research
You can also do your own research when looking for a mortgage lender to finance your home loan. Conduct online searches and read online reviews from past clients. Check out their blog articles and other educational resources. For example, let’s say you are a first-time home buyer in Atlanta, GA. Simply do a search for “best mortgage lender in Atlanta GA” and see what comes up as you scroll down the list. Find a mortgage broker who seems reputable and trustworthy.
Talk with Multiple Mortgage Lenders
Take the time to talk with multiple lenders. Speak with local mortgage brokers and direct lenders (i.e., your bank). Don’t be afraid to ask a lot of questions and grill them a bit. Make them earn your business. Remember they are providing you with a professional service and helping you with one of the largest financial transactions you will ever make. This is why it’s so important to work with someone who makes you feel comfortable and confident.
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Explore Your Home Loan Options
There are many different types of mortgage programs that may be available to you. A good mortgage lender will help you figure out the best lending option for you. See if you might qualify for an FHA loan, VA loan or USDA loan. Perhaps a conventional loan or jumbo loan is the ideal solution based on your situation.
Get Pre-Approved
It is highly recommended that you get pre-approved for your mortgage loan. Today’s real estate market is highly competitive. There are more home buyers than home sellers in most areas, which means you may be competing with others for the same properties. Having a pre-approval letter from a reputable lender will be critical. Some home sellers may not even consider your offer unless a pre-approval letter is included. They want to see that your financing is secure and that you don’t present a risk during the final closing process. In general, a mortgage pre-approval will help the final loan underwriting and approval go much smoother.
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See How Much You Can Afford
The mortgage pre-approval process will also help you know exactly how much home you can afford. The lender will review your FICO score, debt-to-income (DTI) ratio, employment history, income history, and other financial indicators. They will be able to lock in a good mortgage rate based on these factors, as well as how much down payment you are able to apply. Ultimately, you can see what your monthly mortgage payments will be. Then, you will have a price range you know you can afford before you start searching for houses or making offers.
Don’t Settle
It’s okay to be a little picky when it comes to selecting a mortgage lender. This is a major decision that will affect your finances for years to come. Who you choose to work with is very important. Don’t settle for anything less than the best mortgage lender you can find!
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“Be thorough in your search for a local mortgage lender,” says Alvaro Moreira, President of Moreira Team | MortgageRight. “Talk with them, ask questions, learn about their specific mortgage lending services and establish a foundation of trust. The same tips apply to finding the best real estate agent, as well. You should never make hasty decisions when it comes to something as significant as a home purchase.”
If you are buying a home or refinancing your mortgage loan, follow these steps to find the best mortgage lender in your area.