Finding a lender is easy... right?
When it comes to choosing a lender for your mortgage most people spend more time researching which shoes go with which belt than who is best fit to finance your largest single investment!
Choosing the correct company to help with the mortgage is just as important as choosing the correct home. If you’re shopping closing costs and interest rates you’re on the right track. Finding the perfect lender is a bit harder today. Here are some steps I think are without a doubt essential.
- Talk to family, friends and your Realtor. Get a few names of people that they have used and trust.
- Ask a lot of questions. A good lender will answer all your questions. A GREAT lender will give you extra info you never thought of.
- Tell the lender what you want to spend every month on your mortgage, taxes, and insurance. Don’t forget about private mortgage insurance if you don’t have 20% down. A great lender will coach you on what price range to be looking in so you don’t leave your “comfort zone” for how much you want to pay each month.
- Ask them up front what their costs are and have them put them in writing. READ THAT DOCUMENT! And understand it.
- Set up a face to face meeting with your lender and bring all of the required documentation ASAP. Don’t put this off.
- Ask about your different options, Conventional, FHA, WHEDA. Make sure you know what they mean to you.
A really good Realtor should be able to help you through this process. It’s really heartbreaking to find the perfect home and then find out that you cannot buy it because of something that was missed in the pre-qualifying process.
If your Realtor doesn’t offer to or is unwilling to be a huge part of the lending process that should be a red flag to start looking for a different Realtor. Your Realtor and your lender should be a team working together for you.
Please as always feel free to give me a call at (414) 416-0704. If you’re just starting the home buying process or are unsure if you’re getting the best service I can help.
Posted by:
Mickey Koch
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