Find A Mortgage Lender
Find a mortgage lender to buy a house. Most mortgage companies today offer same types of financing, 30 year fixed-rate mortgages, FHA loans, first time home buyer programs and many others. The best place to find the lowest possible interest rate is online. Internet lenders have an advantage, they have less overhead, and their business models are such, that they can operate in a fast-paced environment while being able to operate off a thin margins.
You stand to benefit from this type of model because the interest rates and fees are usually reflective of their lower costs, which is passed on to you the home buyer.
Compare at least three different mortgage companies to each other over a period of 3 to 5 days, by doing your competitive research this way, you can ensure that, you can pick the lender who is consistently in the game and avoid the ones who are not.
The best places to find a mortgage lender are as follows:
- Google “search” or any other search engine. Online mortgage companies have to compete based upon interest rate and fees alone so you know right up front they are extremely low cost.
- Talked to a friend or family member. See who they use for their last mortgage loan transaction. Get a recommendation to the mortgage lender they used when they bought their house.
- Real estate agent-almost all real estate agents know of a mortgage lender or have one that they work with that they can recommend you to. Real estate agents have a vested interest in making sure their mortgage lender is top-notch. This is because their livelihood depends on it.
If you choose to work with a mortgage lender recommended by a friend or a real estate agent, you’ll more than likely be working with a local lender who could also be competitive in terms of rates and fees.
Do your research. Compare each mortgage lender so you can make sure you’re getting an accurate depiction of what rates and fees are typically charged in association with procuring financing. Following the types of fees that mortgage lenders have been known to charge when buying a house:
- Origination fee
- discount points
- processing fee
- lender fee
- lock fee
- administration fee
- credit report fee
- appraisal fee
Try to find a mortgage lender who has a one time loan fee. It’s a lot easier to deal with one loan fee than it is to deal with an itemized list of different fees when you have a lot of other things to worry about, inspections, contractual time frames etc.
How to buy a house with the right mortgage lender.
Ask your lender these questions so you can make sure your purchase transaction goes as smoothly as possible and you can view your competitive research.
- What is my total house payment?
- How long is the interest rate good for?
- What’s happening with interest rates right now?
- Can you lock my mortgage loan upfront for 30 or 45 days?
- Do you charge a lock fee?
- Do you offer a float down interest rate lock?
- Can you give me a list of numbers up front before I decide to go with you?
- What’s the lowest cost loan option you offer?
- Can you beat another lender’s rate and fees?
- How do I know you’ll close my home loan on time?
After you decided which lender is good to help you buy a house, get them your financial information and actually apply for mortgage. The application process involves sending in your financial documentation to the lender and giving them permission to pull a copy of your credit report. Find a competitive mortgage lender.