Choosing A Lender
House-hunting is an exciting experience, full of decisions
both big and small. One of the most important choices
you will make is selecting the lender who will provide
your mortgage loan. The Internet can be a good resource
as you begin to shop for a lender. Many lenders have
websites that offer tools, such as mortgage calculators,
which will help simplify your selection process.
Mortgage calculators make online research easier because
they provide a way to compare the rates and terms offered
by different lenders. Your financial bottom line is
a huge consideration as you consider the different lenders
who want your business. Entering data such as interest
rates into a mortgage calculator can give you valuable
insight into how you can get the most out of your money
by choosing the right lender.
However, interest rates are not the only piece of information
to consider when deciding which lender is best for you.
You might be most comfortable working with your bank,
because you already know and trust it as an institution.
Also, do not do business with a company that you are
not familiar with unless you have verified information
from reputable third-party sources as to the company’s
business practices and reputation in the community.
While most lenders are ethical and conduct their business
responsibly, consumers should be alert about protecting
themselves from getting “scammed”. Be proactive,
not reactive – do not select your lender based
on advertising or marketing.
Consider speaking to your real estate agent for some
suggestions on lenders you might want to learn more
about. Then, use the tools available, such as mortgage
calculators and online research, to make the most informed