Along with having to find the right real estate to purchase, it can often be tricky to find the right partners during the home buying process. One of the most important partners you will work with besides your real estate agent is whoever you choose to help you get your home mortgage. Your lender is going to be working closely with you, and much like any other industry, there are a variety of styles and options to choose from for your mortgage. From big-name lenders to mortgage brokers, there are many different companies trying to get you to sign your mortgage with them. So, how do you know which group to work with when it comes to your home mortgage? These tips can help you find the right mortgage provider for your specific needs, just keep reading!
The number one thing you can do to make sure you work with the right mortgage provider is to shop around. Different groups are going to offer you different interest rates and different fees based on their own model and view of your financial situation. Shopping around allows you to compare the different offers and to see who you like the best. Remember, you’re paying a mortgage lender in the long run through all that interest you agree on, so be sure it’s a group you want to pay. If you don’t have the time to shop around for your mortgage lender, consider working with a mortgage broker. They will do the comparing and shopping around for you to make sure you get the mortgage that you need.
Go With Your Gut
While you may not be an expert in finances or at the home-buying process, you probably have good or bad feelings about things. Whether it’s a good feeling about your children’s day care provider or a bad feeling about your dentist, so you seek a second opinion, it’s important to trust your gut. Don’t trust your gut and just pick a random mortgage lender, but do gather all the necessary information to make an informed decision. If two mortgage lenders look very similar on paper, trust your gut and go with the one that you have a better feel about.
Ask the Right Questions
In addition to making sure you shop around, it’s very important to thoroughly understand the mortgage you’re applying for and the company you’re working with for your mortgage. The easiest way to accomplish this is by asking the right questions. When you get the opportunity to sit down with your mortgage lender or broker, you’ll want to ask some of the following questions:
- How can I expect you to communicate with me about documents and the mortgage process?
- What do turn-around times look like? Can you meet my closing date?
- What fees will I have to address at closing for your services? Can these fees be built into my mortgage?
- What are downpayment and credit score requirements?
These particular questions can help you know if the mortgage broker or lender will be a good fit for you and your specific situation. Also, take the time to really research the lender you are considering before you committ. While there will always be the negative review here and there, check with your real estate agent and friends to see if they’ve heard mostly good things about working with a particular lender.
Along with making sure to do all of your own footwork to find the right mortgage lender, you can also consider working with a mortgage broker or lender you are referred to. Often, a referral can mean more than a review online. You know the person that is recommending them has direct experience and probably wouldn’t be recommending them if they thought the lender would do a poor job. Real estate agents have their finger on the pulse of the real estate community and have a great sense of who will help their clients the best in all their home purchasing needs. If you aren’t sure where to start, definitely ask your agent for a referral.
Sometimes finding the right mortgage broker or lender to work with can be harder than actually finding your dream home. Contact Berkshire Hathaway in Santa Fe to get started with real estate agents that will help you every step of the way!