CHOOSING A GOOD MORTGAGE LENDER Cory Ruppersberger
About Cory Ruppersberger If you are considering a mortgage for a home purchase or refinance, you will find a variety of lenders and banks with just a simple Google search. With so many options in the marketplace, how do you find the best deal? Unethical and inexperienced loan officers were partially responsible for the subprime mortgage crisis in 2007 so it’s important to find a qualified mortgage lender for your loan transaction. This article is written by Cory Ruppersberger, president and owner of Best Loan Choice, Inc., a mortgage lender in Baltimore City, Maryland. Cory also has experience as marketing consultant and spent several years as the owner of Direct Lead Source which provided live telemarketing leads to hundreds of mortgage lending companies across the United States.
ASK QUESTIONS When searching for a mortgage lender, it is important to probe your loan officer with questions about your loan. If you have any concerns or questions with respect to the prospective mortgage, then make sure to present this to your loan officer before your settlement date. If the loan lender is not responsive to your inquiries make sure to find the right lender for this important financial transaction. A good mortgage lender should offer clear and precise information about the loan financing process.
SEARCH FOR THE RIGHT LOAN PRODUCT When researching various mortgage lenders, it’s always good to find as many mortgage loan programs of which you might qualify. If a bank or mortgage lender has only one or 2 mortgage loan programs, it might be smart to shop around. There are many different types of mortgage loans based on your credit qualifications and or the term of the repayment period. Be careful of loans that have risky features and be prepared if the rate has an adjustable term. If interest rates increase in the future on an adjustable rate loan your payment could increase to a payment higher than you can afford! Also keep in mind that there are programs for borrowers that have little to no down payment such as USDA and VA loans. Your loan lender should be able to explain the benefits and qualifications for all of these loan programs.
ASK FOR REFERRALS It’s always good to ask for referrals from your friends and family when you choose your mortgage lender. Don’t always assume that the big banks are good at efficiently processing your loan to closing. Often your local mortgage lender or broker, can offer better rates and service. Websites such as Zillow offer customer reviews on mortgage lenders and loan officers. *Check to see if your lender has a 5 star rating on Zillow
INTEREST RATES Finding the most competitive rate is an important part of the loan process. Even a small percentage of higher interest can cost you thousands of dollars in cumulative interest over the life of the mortgage loan. Most mortgage lenders will match a competitive offer so make sure to shop the market for the best rate. Regardless of your credit score, it’s still possible to find a competitive rate.
MORTGAGE LENDER Picking a mortgage lender is probably your most important decision when you are buying or refinancing a home. While there are a variety of mortgage lenders to choose, it’s important to do your research and pick the best lender for a smooth and successful transaction. Using these tips shared by Cory Ruppersberger will help you save money over the long term by picking the best mortgage lender for your loan transaction.