Shopping For Your Mortgage Lender
by Kate Ford
Here are eight effective ideas for finding the best mortgage rates and how to guard your credit while you search.
First, look for a mortgage lender with a stellar reputation. Question your friends, co-workers and family. Ask who they've used and if they'd return for their next mortgage. When you hear the same company name repeating in your discussions, pay attention.
Second, be on the alert for individuals. Is a specific loan officer often mentioned? Banks and mortgage companies usually employ a number of loan officers. It is important to have as much confidence in your home loan representative as you do their company.
Third, compile your list of 3 to 5 recommended mortgage companies and trusted loan officers.
Fourth, take action. Make contact using a short summary about what you are trying to accomplish. It is better if you write out your purpose ahead of time so you won't feel flustered or forget important ideas. It also helps clarify in your own mind what matters the most to you.
In one sentence be able to describe your purpose. Are you purchasing a home and need pre approval? Are you remodeling and need cash from your home equity? Is your adjustable rate mortgage payment due to increase soon? Do you want a 30 year fixed rate mortgage with stable payments? Whatever your reasons to seek financing, be straight forward and to the point with the mortgage representative.
Fifth, after stating your purpose let the mortgage originator talk. She may ask you more questions. This is a good sign. It means she's being thoughtful and creative.
Sixth, ask for her recommendation based on current lending programs. Important! Take notes.
Seventh, check your response. How do you feel about the conversation? How you react can have an affect on the outcome of your mortgage transaction. Remember, a gut feeling matters.
Eighth, grade prospective lenders. By paying attention to their responses, rank them based on whether they sounded knowledgeable and if you liked them.
There is one more important element to finding your best mortgage lender, the internet. More and more lenders are attempting to shift the mortgage application process online. Although many homeowners prefer direct contact with the mortgage broker, it's become an accepted fact that mortgage lending is moving toward the internet.
So take advantage of the search function of your online service provider and your preferred search engine such as Google, Yahoo, Windows Live, Ask.
Type in your search words. Try "mortgage rates", "mortgage lenders", "compare mortgage rates", or simply your purpose such as "refinance".
Then sit back and allow the search engines to do the work.
Use these simple ideas when searching for a lender. Follow these 8 easy steps. Take advantage of the internet to search online. Protect your privacy and credit score. You will greatly improve your chances of finding the lender that is best for you.
Best of luck searching for a mortgage lender!
Kate Ford, a mortgage insider, knows the secrets to mortgage lending. At Get Your Best Mortgage Rate, homeowners discover the importance of shopping online for mortgage companies. For more tips and techniques, visit How To Compare Mortgage Rates Online.
