One of the biggest decisions you’ll make for your finances is getting a mortgage. If you decide to buy a home, you’ll have to borrow the money. Choosing the right mortgage lender can make the process a little easier — as well as save you money over time.
But how do you choose a good mortgage lender?
Mark Greene, a contributor at Forbes, offers some insights into choosing a good mortgage lender:
- Ask around: First of all, Greene suggests that you ask those you know and trust for mortgage lenders. If you don’t have friends and family, you can ask a realtor, financial advisor, or attorney for suggestions.
- Check the Internet: Look online for information about the loans in question, as well as the lender in question. Carefully examine the fine print.
- Get the terms in writing: It’s possible to get copies of your loan-related documents, including the Good Faith Estimate and Truth In Lending disclosures, sent to you. The way things are done now, you should be able to get this information quickly, whether in hard copy or via email.
Green also warns against what he calls “fancy” titles. Sometimes, a “Senior Loan Officer” is someone who has been with a lender for a few years. Often, titles like that don’t require extra training or a test. Instead, he suggests that you consider credentials and experience.
Additionally, he points out that sometimes the household name banks don’t have the best deals, and they might not have the people with the same level of experience. It can make sense to see whether or not your local mortgage lender can provide you with a good deal, and a level of personal customer service.
Do the research, Greene says, and vet a few mortgage lenders so that you can make a good comparison and get the best deal for you.
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