There are many mortgage companies in the market, offering a wide variety of loans to home buyers. For first time home buyers the process of finding a loan with reasonable terms can be quite an intimidating one given the numerous options. The mortgage loan will extend over a long period, and it is important to find the right loan from the right lender. Here are some ideas on finding a good mortgage lender.
Go online or contact your friends to find a few local lenders. Keeping it local is a great advantage when you need to resolve issues or need some clarifications. Often, a face to face discussion can help resolve problems much quicker than over the phone. A local lender’s service quality is also easier to check because many people you know may have used his services.
Visit the lender’s office to get a feel of his customer service levels. The lender must be open to discussing your needs so. A friendly and interested approach by the loan officer will go a long way in making the loan process stress free.
Discuss the mortgage terms in detail and make sure the lender gives clear answers to all your queries. This is the time you should ask for a Good Faith Estimate. Clarify any doubts about charges and fees and get everything in writing.
Most of the reputed mortgage companies also have an online presence so you can compare rates and products with competitors beforehand. Carry out some research before you visit the lender to have an idea of the questions you would like to ask them.
