A good online mortgage lender can make the home mortgage shopping
experience bearable if not pleasant. With competitive rates and good
customer service, a home mortgage lender can help you buy your home within a
reasonable timeframe. To find such a lender, start by researching
recommended lenders. Ask questions about loan rates, terms, and payment
process. Once you find a perfect match, start the application process to
lock in rates.
Start With Recommended Sites
While you can easily find lenders through a search engine, a better
choice is to look at different recommended lending sites. Mortgage broker
sites offer convenience, providing you with multiple mortgage loan
quotes in almost no time. Individual lender sites also provide loan quotes,
along with financing information.
Take advantage of loan estimates since they don’t hurt your credit
report – as long as you don’t give them permission to access your report.
By requesting personalized quotes, you get a realistic picture of your
loan costs. You can also find the most competitive offer.
Check Out The Details Before You Sign
Rates are important, but so are fees and terms. Analyze the closing
costs and any additional fees that might be associated with the home loan.
You should also ask about additional loan features, such as refinancing
options or interest reductions for automatic payment.
Selecting terms will not only affect your interest rates, but also your
monthly payment. While most lenders will quote a 15 or 30 year term,
more options are available to you if you ask.
Evaluate The Service
Requesting loan quotes is also a test run of the lender’s customer
service. Did the company respond in a timely manner? Did they answer your
questions? Was the information clear and complete? If you answer yes to
these questions, then you can reasonable trust that future questions
will also be answered.
Finally, give yourself enough time to find the best lender. In a few
hours you can have dozens of mortgage offers waiting for your review.
Spend a few minutes looking over each to find the one that meets your home
buying needs.
View our recommended Online Mortgage Lenders or view all of our Recommended Bad Credit Lenders.
