Buying A home & Choosing The Right Mortgage Lender

Financing

How To Choose The Right Mortgage Lender

Choosing the right lender is a critical choice when buying a home unless you’re buying a home with 100% cash then you don’t need financing and this article is not for you.  Choosing the right lender can SAVE or COST you thousands of dollars.  So, I want to emphasize that this article is very important to anyone financing a home. 

The 3 Characteristics I look for in a lender are their

Personal Character,

Knowledge & Available Programs,

and finally their Work Ethic.

1. Personal Character is at the top of my list for choosing the right mortgage lender when buying a home because 1st and foremost, I care about my clients as people.  You don’t want a lender looking to make a quick buck and take advantage of you.  A new homeowner's wants and needs come 1st. A good lender will advise a plan that saves YOU the most money when buying a home. For example down payment assistance programs are great and can help qualify people with little money down get a house but regularly carry higher interest rates. If you feasible to save another $2,000 in two months and skip the program, a good lender will take that route.  In some markets with rising home prices and interest rates, it may actually work out better to buy a home today rather than wait two months as you can negate the savings buying a higher priced home down the road.

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Text the keyword JERMAINE to 35620 for a personalized home finding app automatically sent to your mobile phone.

2. Get a lender that is up to date with the current programs when selecting choosing a mortgage lender when buying a home. Some builders require you select their “preferred lender” to have your closing costs waived.  It was an absolute nightmare to start out with because I knew more about the income requirements then the selected lender which almost lead to my buyer not being able to buy the home.  I had to do my own research and provide proof before their lender looked into it again and saw the income requirements had been updated.  Lenders with up to date knowledge can match you with a program that fits without wasting your time or crushing your hopes on expired programs or grants with depleted funds.

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3. Finally...select a lender with good work ethic. You can pick up on this early on in the initial process.  Look for timely responses and solution seeking lenders. Work ethic comes into play when you have thousands of dollars tied up in a deposit and 4 days till closing and a discrepancy arises and you need your lender to help get cleared otherwise your closing date can be extended or worse....the seller can change their mind entirely if you’re not able to live up to the agreed upon terms.  However no worries with your deposit in most cases it is returned to you when the delay is no fault of your own. Look for that verbiage in the mortgage contingency section on a purchase contract prior to signing and fully understand it.  Ask your realtor about it and point it out in the contract.  An extended closing date can be a huge hassle when your previous living arrangements are based on the agreed-upon closing date. So back to personal character, a good lender cares about people personally and will be working to make the home buying process as smooth as possible.

Choosing the right mortgage lender when buying a home can be daunting. Talk to your realtor about their expense with a lender or ask friends to refer a good one based on their experience.  Keep your REALTOR in the loop as we are your partner in the web of buying a house.  It’s our job to hold all the parts accountable and minimize complications.  As a full-time Realtor, while my clients are at work.....my work is protecting and looking after my clients’ interests.

 

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Follow These 10 Rules when Buying A Home

 

Mortgage Tips For First Time Home Buyers

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