Choosing a good mortgage lender is more than just a trivial choice. With so many available lenders even by becoming informed and talking to all the experts, it can still be difficult to make sure you choose a truly reliable mortgage lender.
But what is it that makes some lenders better or worse than others? In the following, we’ll take a look at a few of the top qualities and attributes you should look for in the best mortgage lenders.
The Importance Of Choosing A Reliable Mortgage Lender
You might ask, why should you even bother looking good mortgage lenders? Especially since the available rates and offers are all – or at least the majority – competitive?
Surely, as long as you do some market research and find a good rate, you can get approved for a loan without much trouble. Sadly, this isn’t always so. In fact, diving headlong without a plan or any consideration will usually do a lot more harm than good.
A reputable mortgage lender, like San Diego’s Maureen Martin, is more than just someone you work with for a one time deal. A top-notch lender will be establishing a relationship with you that spans years even decades.
A competent lender will be able to provide you with sound solutions for crisis situations. In case you fall on financial hardship, lose your job or lose a loved one.
Also, lenders of integrity will give you deals that work for you for the long-term. Not just provide you with a short-term benefit followed by deep regrets for the long term.
It’s clear you’ll have to screen the lenders you’re considering – not just from the point of view of the deals they offer, but also considering their customer service/relationship skills, track record and rapport.
The Qualities of the Best Lenders Out There
Although a good mortgage rate is always a plus, what you’re looking for is a professional lender that will give you far more support and dedication than just present you with good figures.
Here are a few of the qualifications you should look for in a mortgage professional:
- If in the US, they must be licensed through the National Mortgage Licensing System (NMLS). Other nations have comparable licensing standards. To be licensed means the mortgage professional has passed both federal and state exams. These exams measure the knowledge of mortgage law and loan products. Also licensed professionals must take continuing education each year to keep current with changing laws, changing loan programs and maintain their license.
- Full specialization and at least 10 – 20 years of experience in dealing with mortgages and a reputation for being customer focused.
- Comes recommended. The majority of mortgage brokers receive business through referrals. Ask your friends and family about their experience with their broker and get a recommendation.
- Discloses all fees and costs up front.
- Offers competitive credit score qualifications and mortgage rates in line with your expectations.
- Specialists and online tools that can assist you in finding your best offer and deciding upon the mortgage rate that suits you best.
- Lower than average down payments and good options for deals such as VA and FHA loans, which offer the borrower a certain amount of security and a lowered set of fees.
- Dependable customer service and experts that will be prompt in responding to all your questions and issues. They can also educate you in making the right choice about your mortgage.
As long as you can find a mortgage lender that complies with all of these recommendations, you’re home free :-). You never have to worry about getting the best advice and service regarding your new mortgage.