You have finally decided to take the plunge and buy that first home. With the financial risks so high, making the right buying decision is critical when it comes to getting a mortgage. Whether refinancing your home or applying for a mortgage for the first time; there is more to look for than getting the best mortgage rate. It is also essential to understand who is selling you the mortgage. Below are some of the main things to look for when hiring a mortgage lender.
Not all lenders are created equal. Remember you are dealing with an individual and not the institution they work out of. Just because a mortgage lender is affiliated with a big name lending brand does not guarantee the individual’s credentials. Therefore ensure that the person you are dealing with is competent and has the proper education, training, experience and financial acumen.
Testimonials and referrals from other borrowers are two good ways to find out about your potential lender’s reputation and experience. You can’t assume that the credibility and the credentials from the institution they are affiliated will transfer over to the individual who is processing your mortgage. When you start your search for a mortgage lender ask friends or people close to you who have recently closed a mortgage who they would recommend. Financial advisors, lawyers and accountants work with mortgage lenders regularly so they can also help you find the right lending partner.
Finally, look online to see what others say about the lender you are considering. Online reviews can be powerful tools. Google, Yelp and Zillow are great review sources as well as Angie’s List. For example, Zillow’s lender reviews are based on categories such as knowledge, responsiveness, follow-through and helpfulness. To get even additional assurance you can ask for Good Faith Estimates (GFE) or Truth-In-Lending (TIL) statement.
Help and Support
Finding an experienced and reputable mortgage lender is not the only thing to consider when deciding which mortgage lender to go with. Another important thing to look for is personal service. Lending reps should get back to customers in a timely manner. They should also answer any and all questions that come up during the lending process.
They should be willing to take the time to look at each unique situation to determine the best options for every particular client.
Remember a mortgage is the biggest financial decision you will make. Although mortgage lenders work out of the bigger institution they represent, at the end of the day it is the individual mortgage lender who will originate, process, approve and close your loan. Make sure that lending individual is a person you trust and has the experience and knowledge to help you borrow right.
Aurora, a leading financial services company, has funded billions of dollars in loans across the United States and serves clients nationwide in more than 18 states and jurisdictions. A Direct DE FHA Lender, Aurora provides a broad range of financial products and services, including consumer banking and credit, corporate and investment banking. We have access to some of the best loan products in the industry. Leveraging our size and connections, we’re able to offer you the best rates available.
For more information on Aurora Financial, visit www.auroraf.com or call 1-(877) 887-1117.