It is expected that over 6 million people decide to buy a home in 2016 and nearly 75% of them will need a mortgage to help manage the purchase. In addition to those numbers, millions of individuals will also refinance their home loans and this means that there are many consumers in the market for mortgage financing. When mortgage shopping, it is essential for buyers to get both a competitive interest rate and choose a company who has a record of solid customer service. You may not be familiar with the distinction between a great mortgage lender and a less-than-ideal mortgage lender until you have had the opportunity to interact with each, but there are some key signs. Read on to learn more about what an excellent mortgage lender does.
A mortgage lender cannot give you an accurate quote without collecting some details from you, so you should expect to be asked questions during this process. A bad mortgage lender, however, will lure you in with the lowest possible rate to grab your interest and then tell you later on down the road that you don’t qualify for it.
Mortgage lending experts know their products and their industry very well and they are capable of explaining them to you in terms a layman would understand. As a homeowner you are accountable for each document you sign and you should understand it clearly. Make sure to ask questions of the lender if you are not clear about something.
Closes on Time
Having delayed processes in closing can make for a very frustrating experience. Not closing on your loan in a timely manner can be very expensive. A borrower might even lose the rate they previously locked on a mortgage rate or the home that they wanted to at all.
Stays Within Your Comfort Zone
Just because you get approved for a high loan amount doesn’t mean that it’s the right decision to take it. If the possible payment associated with a major mortgage makes you feel uncomfortable, a good lender will determine a way to make it better for you such as budgeting help, another mortgage program or a reduced loan size. A less-than-ideal lender, however, will try to get you into the higher loan. Make sure you consult with your lender before agreeing to work together. You should get a good sense that he or she is committed to what is truly best for you.