Since your home will likely be among the largest purchases you make in your lifetime – if not the largest – it’s not hard to recognize why selecting the right lender for your mortgage is a highly delicate and important matter. It may seem easy at first, but the task does become a bit more daunting when you realize that there are over 19,000 mortgage lenders in the United States.
To find the answer, you’ll need to do your homework, with some research and some telephone shopping, but this small effort will provide you with years of security that you would not have if you simply settled for the first lender to drop an ad in front of you.
It helps to know a bit about mortgage lending, to get started, as it increases your ability to judge any given lending institution and its ability to meet your unique budget and lifestyle.
Even if you’re only at the stage where you’re driving around, looking at different types of houses and neighborhoods, it should never be considered too early for you to have a look at where you sit financially, when it comes to actually owning your dream home.
So how do you select a quality mortgage lender?
Begin by asking around. Talk to your family, friends, neighbors, co-workers, and other acquaintances about their experiences with mortgage lenders. Begin this process as early as you can so that you will know where you stand, and know how you’ll obtain the finances when you do discover that house of dreams. Remember, the sooner you identify the lender you’ll use, the sooner you can be approved for your mortgage loan, and get ready to move.
Don’t forget to use your real estate professional as an important resource, as s/he will have a vast knowledge of the real estate industry, and will know some quality names of lenders that s/he will be willing to recommend. Such a recommendation should be taken seriously, as a real estate professional will not want to link his or her name to anything but the most reputable lender. This way, you can feel relatively safe in knowing that you’re dealing with a lender who will have great strengths and flexibility.
Your next step is to phone your prospective lenders, and ask about:
- Interest rates
- Fees
- Points
- Commitments
- Escrow terms and closing requirements
- And loan servicing
Any poor or incomplete answers should immediately disqualify that particular lender from your list. You want to work with an institution that will be open and clear – every time. Be especially careful in looking for hidden costs.
Next, check into the lending company’s history and reputation. After all, successes, positive results, and a solid history speak much louder than promises that may not be kept.
It has been our experience that Iltis Lending Group is a reputable lending institution with a proud history and a flexibility that allows you to virtually tailor a loan program to suit your individual needs, budget, and desired lifestyle. Whether buying a home, or refinancing one you already own, Steve and Lisa Iltis work with you to make certain that you’re receiving the best deal at the most favorable terms. Visit their site at http://www.iltislending.com.
By familiarizing yourself with the basic necessary information involved in your mortgage application, you’ll be ready to select a quality, trustworthy lending institution of good standing, which will ease you into owning the house of your dreams.
