How to Select a Lender

Prior to picking a mortgage lender it is absolutely necessary to understand that this will be one of the most essential steps in the home buying process, and can be one of the most complicated as well. Many lenders are out there ready and willing to take your loan application, but merely having your application accepted by the lender does not mean that will be the right loan for you and your needs. Find homes for sale in Charlotte. You will be locked into this mortgage for the foreseeable future, so doing your research into which lender will offer the best loan to fit your needs is extremely important. 

The first thing to do when picking a lenders is to decide whether or not you will be needing a mortgage broker to save you time when seeking out mortgage lenders. Brokers essentially earn their money by serving as the intermediary between yourself and the lender, choosing the wrong broker could mean they will set you up with the lender that will result in the highest payout for them, rather than choosing what is in your best interest. Make sure you know your broker well before selecting them. 

The second thing to do is to choose between a small and large lender. If you are after better customer service you will likely want to go with a smaller lender. If you are after a good interest rate that works for you, then you will likely want to shoot for a larger lender.

It is also important to not that there are other ways to find mortgage lenders outside of a mortgage broker. Be sure to ask around your friends and family for possible referrals to good lenders. 

You will also want to speak personally with your real estate agent prior to accepting any offers as good loan officers will take good car of certain customers that have been referred by real estate agents. When consulting with a referred lender, be sure to make it clear you were referred through your agent as it is both a good icebreaker and can help reducing closing costs in the end. 

Hopefully these few tips will prove useful when it comes time to choose a mortgage lender!