Choose A Lender

Many buyers don’t realize that they can and should shop around for lenders before choosing one. There can be variations in the interest rates, terms and closing costs that each lender offers, which is why it’s essential to do your homework.

When comparing different lenders, you should ask each one to provide you with a Loan Estimate, which – as discussed above – will spell out the loan terms, projected payments and closing costs for your potential mortgage. This form is provided in a universal format, meaning that it will allow you to clearly see the differences between what each lender is willing to offer you.

However, one crucial factor that is not included in a Loan Estimate is customer service. Getting a mortgage and making payments is not always an easy process. Unfortunately, there may be hiccups along the way, which is why you want a lender that can make the mortgage process as simple and convenient as possible.

The ideal mortgage lender will guide you through each step of the way, make you feel comfortable asking questions and respond with a sense of urgency.