Many people will take out a mortgage loan at some point in their lives. With so many options, it can be difficult to know how to select the “right” mortgage lender. But choosing a mortgage lender doesn’t have to be as complicated as you may think! Here are three things you should consider when looking for a mortgage lender.
How to choose a mortgage lender
Choosing a mortgage lender comes down to your comfort level with the loan officer based on three important skills:
- Communication—does your mortgage lender respond to your emails and phone calls in a timely manner? Do they communicate thoroughly or with short answers? A loan officer should educate you, and when you ask questions, they should provide detailed and accurate answers.
- Knowledge—a lender’s job is to educate the customer on different products offered so the customer can make an informed decision. It’s important that the borrower knows their loan options along with the pros and cons of each option.
- Personal level of service—a mortgage transaction can be an unpredictable process. Is your loan officer willing to support you and answer all of your questions during your journey?
The best time to find a mortgage lender
If you have owned a home before, it’s best to involve a mortgage lender as early in the process as possible. Similarly, the “when” should be your first step when thinking about purchasing a home and seeing a mortgage lender for the first time. That way, you’ll know if you qualify for a mortgage and which loan options may be available for your situation. You can also find out what your down payment and monthly payments may be so you know what loan price range to shop in.
How a mortgage lender can help you
A mortgage lender guides you through the process of purchasing a loan with honesty, experience, knowledge, and trustworthiness. A mortgage lender is a professional who helps you understand your options (and that there are many options, not just one!) and that those options can greatly affect your monthly payment or long term financial goals.
Mortgage lenders also help you determine what type of loan you need, and they can be experts with specific types of loans. These loans include construction, condos, government, first time homebuyer, jumbo, and more.