How to find a mortgage lender
Of course, financial considerations are important to every home
buyer, and you certainly should consider the different rates lenders
in your area offer on comparable loans. But you also want a lender
you can trust, and someone you can work with effectively. Remember,
you’ll be working closely with your lender. Spending a little
extra time at the beginning to find someone you’re comfortable
with is well worth the effort. So don’t let rates be your
Here’s a process you may want to follow:
Talk to people you know who have bought or refinanced a home
recently and ask if they were pleased with the service. Ask your
real estate professional for advice. Check the newspaper’s
real estate or business section, or look in the yellow pages under
“Mortgages.” Check with the bank or credit union you
currently use since you have already established a financial relationship
Review the different types of mortgages that are generally available.
Most lenders will offer most of them, but if you are particularly
interested in one of the less common types of mortgages, make
sure the lenders you’re considering offer that type.
Call or visit the lenders on your list. Get a feel for what it
will be like to work with them, and how they approach your needs.
If you’re still uncertain, ask for references, find recent
home buyers like yourself, and talk to them. At this point you
are not filling out any paperwork, just having preliminary conversations.
Among the things that you will want to discuss with prospective
lenders are the rates they offer on mortgages. When comparing
rates between lenders, it is important to remember that mortgages
with the same interest rate can end up costing different amounts
because of additional costs such as origination and application