Buying a home is a huge decision in more ways than one. The property you pick will be where you're living your life and raising your family for a long time to come. However, your mortgage is going to be a big part of your budget for up to 30 years as well, so you'll definitely want to make sure you choose your mortgage lender with care. The following are just a few considerations to keep in mind as you evaluate your options.
1. Your Personal Preferences
Not all mortgage lenders are created equally, so you'll definitely want to give some thought to what you want your lender to be like. A large, big name lender or traditional bank might be a perfectly fine choice if you're mostly concerned about getting the lowest possible interest rate. However, a small to mid-sized private lender like Sun West Mortgage can bring a lot to the table as well. Friendly, personalized interactions and amazing responsiveness are just two examples.
2. Realtor Recommendations
Do you already have a real estate agent that you trust? If so, it's worth asking him or her if they have any advice or recommendations for you. Really great realtors are famous for going the extra mile and treating their clients like gold, so yours may well be able to point you in a direction you'll be happy with. It's also not uncommon for that agent to have just as great a relationship with the lender they refer you to. This may well mean better rates and friendlier service for you.
3. Your Credit Score
As is the case with any other type of loan, a great credit score can make a world of difference when it comes to your mortgage options. Do what you can to improve yours before you get serious about feeling out your choices. The more desirable your score, the more different options you'll have to pick from.
4. Lender Reputation
Last, but definitely not least, you'll want to do your homework on each lender you're considering. Ask for references and make it a point to follow up with each of those people in regards to their experiences. Check out any online reviews of the lender you can find as well, and be sure to personally ask your lending agent as many questions as you need to in order to finalize your decision. You'll definitely be glad you did.
Choosing a lender is like any other important decision in life. The right choice takes time, research, and careful thought, so definitely make sure all your bases are covered.