Hunting for the best mortgage lender? Here are a few ways you can find him or her.
The mortgage process has a bad reputation. People think of it as confusing, long, and stressful. It doesn’t have to be, though! The right lender can streamline and simplify things for you. But how do you find the best mortgage lender? Here are a few ways to make sure you choose the right one.
Compare rates from at least three lenders.
Don’t just accept the first rate you get quoted! Your mortgage is going to be with you for years to come, and even a tiny rate difference will add up to thousands of dollars over the life of your loan. Compare a few rates to make sure you’re getting the most competitive one.
Interview your potential lenders.
Your lender is going to be a big part of your homeownership experience. Interview possible lenders to get a feel for their communication styles. Ask them to clarify something that’s confusing you. A good lender should take the time to make sure you fully understand your home loan.
Get prequalification paperwork – and read it carefully.
You can – and should – get prequalified for your mortgage. This is the first step of the mortgage process, and it gives you a good idea of how much financing you’ll be able to get. It can also help you get a good idea of the overall cost of homeownership. During prequalification, talk to your lender about the expenses you should expect (e.g. closing costs, transaction fees). A lower rate might not actually save you money if getting the mortgage with that rate comes with a hefty amount of fees!
I’d love to be one of the lenders you interview! If you have any questions about the mortgage process or are looking for a home loan to bring your homeownership dreams to life, contact me, Andraya Coulter. I serve the Bay Area and the entire states of California and Texas and wish you luck in finding the best mortgage lender for you!