So you’re venturing into the homebuying world. Whether it’s your first time or you’re an old pro, it’s a great idea to nail down a potential lender that knows its stuff. To ensure you’re in good hands, choose your mortgage company wisely.
To get you started, here are four things that the best mortgage companies have in common.
The convenience factor in going with a national or major financial brand for your home loan can seem tempting, but a mortgage lender that has its roots in the local community can be a big benefit. (And it can offer you a stronger sense of confidence you’re not being taken for a ride.) Local organizations have reputations and financial interests that are dependent on the happiness of local customers alone. Consider your local options before defaulting to a recognizable national brand.
When you meet with a loan officer, he or she should be able to offer a service commitment—that communications will be responded to in a timely manner and turnaround times on lending decisions have a finite waiting period. Great mortgage providers will be able to promise a level of timeliness and hold to that promise.
The best home loan providers also are upfront and honest about fees related to opening and servicing your loan. If a loan officer avoids the subject of fees, it typically means they have something to hide. He or she should be able to have an open conversation with you about what fees his or her financial institution charges. (And in the best-case scenario, these fees are kept to a minimum.)
Any mortgage provider worth its salt should be able to walk you through the home lending process if you’re a first-time homebuyer. Throw some questions out about the fine print—terms, closing costs, contingencies—and find out the level of detail they’re able to provide in their responses. This is typically a good sign of a great mortgage provider.
Ready to talk mortgages?