Page 33 - Equity Movement Magazine-Issue2

FIRST-TIME HOMEBUYER RESOURCE

By: Christian F. Cartwright

ne of the most complicated decisions you will the right interest rate, a larger lender may be your best
likely make concerning your home mortgage will option. Researching the differences between larger
Obe which lender to choose. Today, there are lenders and smaller ones will help you decide which fit is
hordes of mortgage lenders eager and ready to accept best for you.
your loan application. But just because a lender accepts
your application doesn’t mean it’s the right deal for Talk to Your Real Estate Agent. A good agent will not
you. limit recommendations to his or her in-house lenders,
and smart loan officers take especially good care of
A mortgage pre-approval is essentially a thorough customers recommended by real estate agents. Use this
mortgage application that doesn't have a particular to your advantage, and make sure the lender you speak
home in mind. The with knows you
lender will check came to them
your credit, verify through a
your income and recommendation
employment, and from your agent.
give you a firm
commitment to lend This connection can
a certain amount of not only be a good
money at specific icebreaker, but it
terms. can also be a big
help when it comes
A Good Listener. to reducing closing
Listening is a big part costs.
of the loan phase.
What are your Finding a Mortgage
financial goals? How Broker. There are
long do you intend banks on almost
to be in the every corner these
property? Are you days. It's still
planning a family or possible to meet
getting ready to pay face-to-face with a
for college tuition, etc.? If you are not telling, the lender loan officer, but it's no longer necessary. Many loan
should be asking these questions because they can plan applications are handled electronically online. In fact,
an important part in structuring the proper loan when it comes time to sign your loan documents, a
program for any particular borrower. mobile notary can come to your place of business or
residence. You don't even have to leave the house.
Educating clients and offering flexible financing options
should be a standard practice. Imagine requesting Find a Reliable Mortgage Lender. It's not how convenient
information on a possible refinance and eventually the bank's location is to your home because you don't
being told it would not be in your best interest, then have to go into the bank to get a mortgage. It's not
being shown why, using facts and figures. That’s the loyalty to the bank because you're just one of probably a
kind of service all lenders should give and all clients million accounts. It's also not the mortgage interest
should expect. rate that's promised or even the cost to obtain the loan,
known as loan points.
Deciding What Kind of Lender You Want. Do you prefer
a small lender or a large lender? If you are someone Mortgage lenders are extremely competitive and they
who prefers more personal customer service and a pretty much all offer the same bag of money. The
lender who knows your name, you would likely want to number one criterion that will help you to pick the best
go with a smaller lender. If you care more about getting mortgage broker or mortgage lender is customer service.

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