It’s Important To Interview Multiple Mortgage Lenders
If you’re buying a home – especially your first home – you’ll likely do lots of research. But while you’re checking into neighborhood safety and the quality of school systems, don’t forget to research your prospective mortgage lender, too. You may be tempted to go with a lender at your local bank, or maybe someone a relative or friend has suggested. However, it’s important to find someone you trust to walk you through the process and help you find the ideal home loan product to suit your unique financial situation.
Experts recommend meeting with at least three different mortgage lenders before making your selection. This allows time to gauge the lender’s personality and knowledge, but asking the following questions can also help you get the best deal possible on your loan terms:
- Are you offering any special incentives for first-time buyers?
- Do you offer assistance and support to customers? For example, is there a 24-hour customer line?
- What is the best interest rate you can qualify me for?
- Are you an FHA direct endorsement lender, able to offer me loan options with low down payments?
- What is your lock-in policy on interest rates, and how long may I take to decide about a loan offer?
- What are the total fees you’ll charge me, including closing costs, when my loan is processed?
If a lender can’t answer any or all of these questions to your satisfaction, you probably need to keep looking. Focus on finding a lender who takes time to make you feel comfortable and offers support throughout the process.
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