Searching for your dream home can be a long process, and choosing one is a tremendous commitment. Given that, you probably want to do thorough research about each step of the process, from figuring out your budget, deciding what you want and need in a home and finding the best possible mortgage lender. Here are some excellent tips to help get you started in finding a mortgage lender you are comfortable with:
- Check your credit health: Before you begin your search, you’ll want to present yourself to your potential mortgage lender in the best way possible. If you haven’t checked your credit score recently, request your score from the three major credit bureaus – Equifax, Experian and TransUnion. These institutions are required to provide you with a free copy of your credit score once per year. There are also free services online such as Credit Karma and Free Credit Report. If your credit score isn’t where you would like it to be, there are steps you can take to boost it. Lowering your overall debt is a good place to start.
- Shop around: Just as with a new car, appliance or babysitter, it’s smart to shop around so that you can weigh and compare your options. Comparing rates between several different lenders is a perfect place to start. The rate isn’t the only factor to consider, but it is a big element that will influence your ultimate decision.
- Get organized: Go into meeting your mortgage lender with confidence by knowing your finances inside and out. Figure out how much capital you already have, and get a ballpark of how much you think you’ll need to borrow. Also, have a list of questions ready to ask your lender. Ask about the interest rate, down payment requirements, and which closing fees (or “points”) you will be required to pay.
- Go with your gut: Your lender should always return your phone calls and emails and shouldn’t be bothered by any of your questions or the amount of inquiries that you may have. Choose someone who is patient with you, because buying a house is a huge milestone in your life and you deserve someone who is accommodating.
Remember that you don’t have to join a partnership with a mortgage lender just to ask questions. At First Lenders Mortgage Corporation, we are here to answer any questions you may have. Simply fill out our pre-qualification form from your tablet, computer or mobile device, and we take it from there. There is no obligation. Our goal is to manage your home-buying process with care and provide prompt service along the way. Click here to contact us, and we can answer any questions or schedule an appointment.