Tips on How To Choose the Best Mortgage Lender
The current housing market is super hot and has reached record highs and looks to continue this way for the near future. The U.S. housing market is the highest we have seen in 15 years making 2021 the strongest year. This means tons of competition for buyers. This means finding the right lender is a must. The right lender can save both time and money for you as a buyer. Here are some important tips to follow when choosing a mortgage lender.
Look for a straightforward Pre-Approval Process
A pre-approval is very important when it comes to purchasing a home in this market. In fact, this should be one of the first steps in the mortgage lending process. A mortgage lender can help with understanding the requirements and give you a clear picture of how much you can afford.
Most pre-approval processes take into account your income, your debt-to-income ratio (DTI), your FICO score, and your employment history. The right lender can help you get your answers efficiently. They can get you a pre-approval to show sellers when you make an offer.
Think Beyond Mortgage Rates
Mortgage rates are very important but it is not the only factor to look at when you are choosing a lender. Lenders can offer different fees and commissions so shop around and see what different lenders have to offer. You will want to find a lender who is great with communication. This will simplify the process for you and help the process home faster.
Consider the Full Range of Offerings
Almost every lender can offer excellent rates, however not every lender provides a vast array of services. You want to choose a lender that can support you through every stage of the process. A dedicated lender with an online application process makes for great repeat customers. Lenders take pride in their honest rate quotes, instant loan estimates, and lack of loan officer commission. This means that you will get upfront pricing and a clearer sense of how much you can truly afford.
Remember the right mortgage lender can help you find your dream home for the right price and in a shorter amount of time. A good lender will not only help you with low costs and transparency but will put your best interest first.
