How to Choose Your Mortgage Lender

your mortgage lender can help you get the best home loan

Selecting your mortgage lender requires careful consideration of several factors.

Once you are prepared to purchase a home, you will need to find a mortgage lender. A mortgage lender is a person or company that will offer and underwrite home loans. Your mortgage lender will be able to set the terms, interest rate, repayment schedule, and other critical elements of your mortgage, so it is crucial that you feel like you are in qualified hands as you choose your mortgage lender. Read on for a few essential tips for finding the mortgage lender that is right for you. 

Shop Around Before You Choose Your Mortgage Lender

Choosing a mortgage lender is not a decision that should be made hastily. It pays to shop around for lenders and to talk to at least three different choices to get a sense of the person and their interest rates. You also have the opportunity to ask them about the specifics of the loans they can provide. Your real estate agent or broker may have recommendations, but you can do your research as well, or ask friends and family who have gone through this process.

Ask About Specific Experiences

Every home purchase is unique, so consider which factors make your purchase special and ask your potential mortgage lender if they have any relevant experience. Individual factors can include first-time home buying, less-than-perfect credit, or the search for a specific loan such as a VA, USDA, or FHA. 

Read the Lender’s Reviews

Before you finally choose your mortgage lender, it helps to read their reviews from previous customers. You can find lender directories online where people can leave reviews regarding their experience with mortgage lenders. This will give you a good idea of what it is like to work with them. 

Note Your First Impression

First impressions can often tell you a lot, so take note of the first impression your mortgage lender gives you. Do they respond to questions promptly? Are they friendly and courteous? Do they honor their quotes, and are they willing to explain things to you? Pay attention to how helpful, knowledgeable, and professional your mortgage lender is to understand how it will be to work alongside them. 

Compare Loan Estimates

You can ask each potential mortgage lender for a Loan Estimate. This Estimate is a form required by law that helps you quickly compare loans from different lenders. Loan Estimates can show you all of the details of your loan, including interest rates, fees, monthly payments, and more.

A Title Company You Can Trust: Colony Title

At Colony Title, we will help you through the process of getting your property’s title and help you avoid the pitfalls of hidden costs while you buy your home. We are also well trained in identifying any and all errors in public records and helping you resolve them. We specialize in real estate title insurance in both Maryland and Washington, D.C., and we will perform an expert title search, check through all past documentation, and examine records for any fraud or forgery. For more information on how we can get you into the home of your dreams, contact us online or give us a call at (410) 884-1160. To get more updates on housing markets and how to get into your home, follow us on Facebook, Twitter, LinkedIn, and Google+.

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