Finding a good mortgage lender is more than just a simple web search. You’ll have some homework to do if you truly want to find a partner who’s trustworthy and will provide a consistent level of high-quality service.
When trying to find a mortgage lender, it’s important to understand the loan process and how well loan officers can provide a premier level of service, ability, and knowledge in obtaining an ideal loan.
Prospective home buyers will have a variety of loan options, but only an experienced and trustworthy loan officer will be able to find a loan that best suits your financial situation.
How do you choose a lender who can deliver the best level of service? Understanding the Mortgage Lenders role in buying your ideal home or investment property will ensure that your goals are met, and your expectations exceeded!
What Is A Mortgage Lender?
A mortgage lender can be an individual or licensed mortgage entity such as a federal bank, or a specialized lender that lends a predetermined amount of money in exchange for an interest rate that is fair and in the consumers’ best interests.
This is a simple question, but it is imperative potential homebuyers understand exactly what type of entity can best serve their loan needs. Every lender, whether a conventional bank, online lender, or specialized mortgage lender, will have their own process, loan programs, and interest rates.
A mortgage broker and originator have a Fiduciary responsibility to the client, and because of this relationship, are required to find a lender whose reputation and loan officers are working with your best interests in mind. A home loan is a long-term investment, and you may be working with the same lender throughout the duration of your loan, or potentially look to refinance it in the future.
How Do You Find A Good Mortgage Lender?
Now that you are aware of what a mortgage lender is, and how different types of lenders may offer a different lending experience, you can start to identify the best partners for you. There are couple additional tips that are extremely useful when conducting your search.
- Compare Options: Compile a list of lenders you want to learn more about and compare their loan programs. Many borrowers often leave money on the table by settling for the first lender they find. Do your research and check out what savings other lenders can provide.
- Research Lender Reputation: Remember that home loans are big investments, meaning you are essentially forming a partnership that will last hopefully through the duration of your loan. Check out business review sources and look for information relating to loan officers, the entity’s level/quality of service, and how consistent they are with that service.
- Narrow Your Focus: Finding the best lender requires you to understand your monthly expenses and how they weigh in determining your ideal monthly payment. Even if you qualify for an attractive loan amount from a lender, check to make sure you can make the monthly payment first. The ideal amount should not exceed 28% of your monthly income after your taxes, living expenses and bills have been paid. Use this number to find the best lender that can match you with an ideal loan program.
How to Apply for A Mortgage Loan?
To apply for a mortgage loan, you will need to fill out an application that identifies loan details,
information regarding your income and credit scores, plus any assets or liabilities you may be carrying. It may seem like a ton of information, but the process can be completed rather quickly if you take some time to gather some information first. You’ll want to know:
- Your credit score/standing
- Net Monthly Income, Minus Expenses (Must Not Exceed 28%)
- Monthly Bill Payments
- How much you can offer as a down payment
These will help determine what kind of loan you may qualify for and will save you time during the application process. Always ask for a loan estimate first. Loan estimates are good for ten days and will help you see a clear picture of exactly what you qualify for, keeping in mind it is an estimate and not an actual loan agreement.
Apply for A Loan Today
If you are a prospective home buyer or owner seeking a home or refi loan, then contact us today about securing your financing. Our loan officers have been specially trained to provide premier expert knowledge and service to help you find an ideal loan for your needs.
We look forward to forming trustworthy and longtime partnerships with our clients. We want our borrowers to feel they are making a safe decision when choosing to work with our officers.
We’re based out of Melbourne, but in addition to Florida, we can provide your home loan or refinance in 14 other states.
Contact one of our loan officers now, and start the process towards obtaining your dream home.