Home Mortgage Lenders-What to Look for
Purchasing a home is one of the most important decisions you will ever make. As such it is imperative you give ample thought to the selection of home mortgage lenders. Before you hop online to begin searching for home mortgage lenders it is important to first give some thought as to what you should look for in your mortgage lender.
Recognize first that not all home mortgage lenders are created the same. Each offers many different programs and terms. Some are reliable and some are not. By observing the following tips in what to look for when shopping home mortgage lenders you can gain more peace of mind during the home buying process.
Always ask whether the lender charges any fees up front. You should not have to pay anything out of pocket prior to the loan closing except for the appraisal fee, which is paid directly to the appraisal company.
Ask all lenders you consider whether they provide a breakdown of costs. You should always be provided with what is known as a good faith estimate early in the home mortgage process to let you know what to expect in terms of closing costs at the end of the process. Typical closings costs you can expect to pay include:
- Fees for the loan origination
- Credit report
- Insurance premiums
- Documentation preparation
- Title insurance
- Recording fees
Finally, look for a home mortgage lender who will try to find the information you need if they don’t have it immediately available. Be aware, this doesn’t mean home mortgage lenders will always be able to immediately provide you with an answer.
MortgageLenders.org can help you find the information you need to locate the right mortgage lender for you. If you’re ready to purchase a home we’re ready to help you get started.