Looking to buy a house this Spring? Here are five tips to help you choose the right lender.
When you are looking to buy a new home in Philadelphia, your shopping does not end when a home is found. You must also shop around to find the right mortgage lender to meet your needs. The process is not as hard as it seems but it’s still extremely important. For home buyers who want to find the perfect mortgage lender that you like and trust, follow these five steps to make sure you’re headed in the right direction.
1. Ask Your Inner Circle for Lender Recommendations
One of the best ways to find a good mortgage lender is to ask your friends, family or Philadelphia real estate agent for recommendations. As a home buyers, receiving a recommendation from someone you can trust gives you a much better chance of ending up with the right lender.
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2. Go Online and Research Mortgage Lenders
Before sitting down to talk with a lender about a mortgage, it is important to research them to make sure that they have a solid reputation. Make sure you read as reviews you can find online from people who have obtained mortgages with them previously.
3. Decide What Size Mortgage Lender is Right for You
One of the most important decisions that home buyers need to make is what size mortgage lender is preferable. For people who want to have a lot of face-to-face contact with their lenders and a more personal touch, smaller lenders are preferable. However, the rates offered by larger lenders will generally be better, but the downside to larger lenders is that they sometimes have a reputation for not providing the best customer service.
4. Make Sure You Know all the Costs
When home buyers have found three or four lenders that seem like good options, they should ask each one for a good faith estimate. These good faith estimates will include all the miscellaneous fees and costs that will come along with the mortgage. Looking them over will allow mortgage shoppers to find out which lender offers the most reasonable mortgage for them.
5. Get to Know the Lender
At the end of the day you need to feel good about the lender your choose, since they’re going to be responsible for making sure the loan closes for the place where you’re going to live! Most people have in-depth phone conversations with lenders to make sure they are knowledgeable and accessible, and I’m sure you could schedule a meeting for those who prefer face-to-face meetings. Also, make sure ask questions about anything that is unclear, as this is the perfect time to make sure the lender is the right fit.
If you are looking for recommendations for a mortgage lender, please contact me providing information about your unique situation, and I’ll be sure to do my best to help. Thanks for reading Agent Lady’s blog and I hope to see you here more often. Also, leave some comments below if you have anything to add.
About Agent Lady: Cherise Wynne is a leading real estate agent in Philadelphia, helping home buyers and sellers navigate the City of Brotherly Love, with a special focus on first time home buyers. To chat about getting started with your first time home buying experience, click here.
