Purchasing a home is a long-term commitment that can last for as long as 30 years. So it is definitely important to choose a lender who is a good fit for you, someone who works as a partner instead of just someone pushing mortgage products since it needs to be a collaborative effort. Good lenders can not only get you qualified for a loan but also can provide you guidance on how to make improvements to your credit score and then over time, recommend better and other mortgage options. Therefore, it is critical to know how to select the best lender for you.
Determine the Type of Lender You Need
When trying to figure out how to select the best Tennessee lender for you, the first step that you need to take is to determine exactly what type of lender will meet your needs the best. Although personal preference plays a large role, it is still an important factor.
Smaller lenders such as independent local credit unions and banks can provide service that is a lot more laid back and personalized. Access to loan officers will be easier and this type of lender can normally be more flexible in the event that any payment problems come up. On the other hand, with bigger lenders, you might get more impersonal service but you will frequently receive a better interest rate. Normally, they will offer more payment options as well such as automatic and online mortgage deductions, and offer faster and better-organized service.
It is always good to have recommendations from family and friends, but it is still important to conduct some research on your own as well. One good place to start is to speak with your prospective lender’s past clients. Then you can do some online research, including reviews. Reputable lenders will be accredited by the right organizations and have solid reputations. The following are some of the things that you should definitely check when researching lenders:
Check the lender’s website to see if they have testimonials from their satisfied customers, a mission statement that indicates what they are able to do for you, and customer service awards that they have received.
Check the lender’s social media accounts to check out their tone and feel to see if they appear to be a good fit for you.
Check out the quality review website and look at both positive and negative reviews.
Visit the Better Business Bureau website and check lender complaints, ratings, and reviews.
Check with your local Chamber of Commerce to find out what kind of standing the lender has in your local community.
The best thing you can do when selecting the best Tennessee lender for you is to have an in-person sit-down meeting. Conducting a personal interview – which can be done even when you are not applying to get a loan – will provide you with a good overall sense of whether or not a lender is best for you.
Some of the important things that you should be addressed in your interviews include the following:
Is the loan officer able to explain the financial jargon and what your options are in an easy-to-understand way?
Is she or he willing to explain to you in advance all of the variables and conditions such as how long the process is going to take to complete and how communication will occur?
Who exactly will be servicing your loan and at some time in the future will it be sold?
What will happen if any last-minute issues arise such as the appraisal coming in too high or too low?
Does the loan office appear to be using hard-sell tactics to simply make money or are they trying to be more of a collaborator?
If you learn how to select the best Tennessee lender for you, then you will be able to avoid any years of frustrating relationships with potentially negative financial impacts. Selecting the best lender goes well beyond just simply obtaining a loan.
So are you ready to purchase a house in Tennessee or one of the surrounding areas? If you call us today at [phone] or send us a message by filling out this contact form.
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