6 million homes were sold in the US last year.
That’s a lot of property exchanging hands around the country!
It’s exciting too. Buying a house is a big deal! However, it’s also a big financial step. After all, a good home doesn’t come cheap.
Finding the best mortgage lender possible is key to getting value for money and quality customer service. With a plethora of options, though, how do you choose?
Read on for 4 tips to help you succeed.
1. Get Credit Savvy
The best mortgages are reserved for buyers with epic credit.
That’s why it pays to know your credit score well in advance. Utilize the free credit report you’re entitled to each year and identify any weak spots.
Before searching for a lender, do what you can to raise your score ahead of time. Pay down credit card debt and avoid missed repayments. Consider steering clear of taking on other forms of debt prior to applying for a mortgage as well.
The best mortgage lenders Utah (or any other state) has to offer will run a credit check on you. At the very least, know your score so you can realize what they’ll be judging you on.
2. Ask for Referrals
Think about the people in your life who’ve recently bought a house.
Ask them who about the mortgage lender they used, and the experience they had with them. What rates were they offered and how easy were they to work with?
This can be an easy way to identify the right lender for you. However, it can also be problematic! Finding a lender is dependent on your situation.
Be wary if the family-member you’re asking as a financial and credit situation that’s vastly different to yours. The lender they used mightn’t be as suited to you.
Seek referrals from people who were in a similar position to what you’re in now.
3. Shop Around
You’d be surprised at the difference a percentage point makes.
Interest repayments offer by two lenders may differ by 0.25%, which doesn’t sound like much. But over the course of the mortgage term, it can equate to thousands of dollars in extra repayments.
Never settle for the first offer you get. Shop around to find the best rates possible for your particular credit score. Get your hands on multiple quotes to compare and make an appropriate decision.
Having alternative offers can also work as leverage in negotiating a better rate.
4. Get the Details
It’s time to seek specific information from the lenders you’ve identified.
Ask them about the fees they charge at closing and the down payment you’ll have to pay. Likewise, check their availability for communication and how they prefer to be in contact with clients.
Finally, ask for clarification on the times involved for the coming process. How long do they expect each step of the process to take?
Having these answers will help you compare lenders to find a suitable option.
Time to Find a Good Home Mortgage Lender
Buying a house is an exciting time for millions of Americans every year.
However, it’s also a huge financial commitment that can be full of stress. Finding a good home mortgage lender can make all the difference.
Hopefully, this post will help you do exactly that.
Want to get started finding a lender? Head to the Mortgage section of our website now.