How To Choose A Mortgage Lender [mortgageapproved.blogspot.com]
Question by John B: How to choose mortgage lender? I am a first time home buyer.. and need some suggestions in choosing the lender. I am 6 months away from buying my house. When is the right time to start ? My credit score is 890+. Does that help in getting a better rate? Best answer for How to choose mortgage lender?:
Answer by guyster
I would use the lendingtree.com. It lets you apply to several lenders at once, so they in effect are competing with each other. Most pre-approved loans have an expiration date (because conditions change quickly) so you don't want to get pre-approved too long beforehand.
Answer by wizbangs
The best thing to do is get a mortgage broker. These people aren't committed to any one bank, so they'll go out and find the best price and best financial package for you. Another option is Lending Tree (who appear to be a virtual mortgage broker) where you get multiple quotes, but I haven't used them before. Start looking about 90 days ahead of time and get a pre-qualification from the broker (or their representative institution) at that time.
Answer by jmclaughlin07
i went with the lender my Realtor recommended because i didn't know anyone and i trusted my Realtor and they had worked together for years. talk to your agent because he may know a good one or ask friends or family if they used anyone they would recommend. i personally think that if you plan on looking for a home soon, you should contact a mortgage broker because they can discuss with you what you would like your payments to be, if you want your homeowners insurance and taxes worked into your payment and based off that info they can tell you what sort of budget you have so you know what price houses to start looking at! best wishes
Answer by ronidl76
You want the one who not only gives you the best rate, but offers some money at closing. A lot of new builders have their own mortgage companies. They are able to offer 4-6% for closing costs. If you buy an existing home, check with your bank first, then ask your realtor for recommendations.
Answer by Sean L
First off, LendingTree is a lead generating company that sends your information out to competing lenders, they ARE NOT a lender themselves. The service is ok, as long as you are prepared for the aftermath. You will get many, many phone calls, all hours of the day and night and you WILL hear from some reputable loan officers but also some who will just tell you anything to get you into process. It would be up to you to figure out which is which. Buying your first home can be stressful to begin with and LendingTree's aggressive, competitive environment may be too much for you. If you have a realtor, speak with them and see if they have a mortgage professional that they recommend (they usually do), speak with your friends and family who own homes and see who they used. You should wind up with a few choices. You may want to get qualified now, this will let you know exactly how much home you can afford right now and a responsible mortgage professional can also assess your credit report and instruct you on some steps to take to ensure your credit is exactly where it should be to get you the best deal. This will give you a good foundation to start building from and once you choose a home, your situation can be re-assessed and you can lock in at that time knowing you did everything possible to ensure the absolute best loan terms available to you. Hope this helps!
Answer by New Mommy
How is your credit? Why I ask if it needs work you want to start right away.. also avoid fancy websites like lendingtree and Ditech- there is nothing worse than having something go wrong with your loan and not having a person in your corner. A local broker is the way to go! Why? It supports your community, they know your market and also they take care of you from start to finish! Take the time to visit with brokers- find out about them.. if you have any red flags pull up drop them-- if they drive a cadillac, blow off your requests or talk about programs that aren't beneficial and flash money around obviously they stick it to their clients. Take the time to find a great broker who will back you and you can save tons of money! When to start is up to you- if you are unsure on your credit start right away- build the credit. Ten points can save you hundreds!
Martin Stephens/PAJust when mortgages started to seem more available, uncertainty in the Eurozone is forcing many banks to tighten up their finance. How to choose a mortgage broker
Mortgage lenders are institutions extending house loans to people who have insufficient funds to finance their own house construction. There are several kinds of mortgage lenders to choose from, and there are also so many things to consider when choosing a mortgage lender.
In Pennsylvania, home to some of the biggest companies in the world, one of the main sources of income revolves around banking and services. The states major cities include Allentown, Philadelphia, Erie and Pittsburgh. Their major cities trades revolve around nuclear engineering, tourism, and most importantly, finance.
Pennsylvanias major cities are good examples to draw out the first criteria in choosing mortgage lender: credibility and reputation. There are two ways to get connected with good lending companies. One is through friends recommendations. Ask your friends where they secured their loans, and they might recommend the same broker to you. The second way is to go online and visit the sites of brokers or lending companies.
Asking your friends for recommendation is often more reliable than browsing websites on the internet because you get first hand feedback on the broker or lending company. You can then run a background check on the reputation and the credibility of the company to see if what your friends said was true. Real peoples experiences can teach you to avoid their mistakes and help you make the most of your mortgage. Pittsburgh, PA draws out another important thing to remember when choosing a mortgage lender. You have to be aware of the stability of the company.
This is a major factor particularly if you choose to apply for a variable loan. This means the value of the interest of your mortgage depends on market stability. A stable company means less or unnoticeable change in the amount you need to pay every month. Beware of vague mortgage lenders. Pittsburgh is only one of the cities whose lenders offer a lot of choices to their buyers; it is your responsibility to know which is beneficial to you and which is not.
It is also important for you to be cautious in choosing your mortgage lender. Do not be easily persuaded by blinding deals and benefits they may offer you. Consider their terms and conditions and determine if you would be able to pay all of it on time. Be wary of spurious contracts. Contact only eligible and authentic mortgage lenders (Pittsburgh).
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