Buying a house is a decision that will affect you for years to come, so it's important to choose the right loan, and the right mortgage company.
Choosing a lender that will not only detail the various home loans available, as well as their requirements, but also describe the entire lending process will make the home-buying experience go a lot smoother. This is especially true for first-time home buyers, as they’ve never gone through the process before and probably don’t know what to expect—or what’s expected from them when applying for a loan.
To choose the right mortgage company, check online reviews and ask people you know for recommendations. Be sure to contact multiple lenders and compare their loan rates, as well.
Here are some more details:
Check Online Reviews
Searching for local mortgage companies and reading their online reviews via Google, Yelp, Zillow and their official Facebook page can give you a sense of how well—or poorly—they help their clients. Some details you might find in reviews include how fast the lending process was with each mortgage company, whether there were any complications and reasons the reviewers would or would not use them again.
Get Recommendations From People You Know
Although online reviews can be very informative, they aren’t always reliable. As a result, consider asking people you know and trust who have recently been through the home-buying process what mortgage company they recommend, or who they’d advise you to avoid. They could even take it a step further and tell you about a specific mortgage loan originator who did an exceptional job assisting them as they applied for a loan. This way, you’ll know exactly whom to contact when you’re ready to get pre-approved.
You could also ask your realtor if he or she has any suggestions when it comes to mortgage lenders, as many real estate professionals have a list of the best and worst lenders they’ve encountered over the years.
Contact Multiple Lenders
Once you’ve narrowed down your options, based on online reviews and recommendations, contact the mortgage companies you’re interested in working with. This gives you an opportunity to ask any questions you may have, such how long the process will likely take, how they’ll handle any potential problems that arise and what their loans rates are, and assess their ability to guide you through the loan application process. Take into consideration how thorough and upfront they are when answering your questions.
Overall, speaking and/or meeting with multiple mortgage companies will help you get a feel for how you’ll be treated during the home-buying process.
Compare Loan Rates
As aforementioned, you should inquire about loan rates for 15-year, 30-year and adjustable rate mortgages, when speaking with a mortgage loan originator and compare these interest rates with one another to determine what makes the most financial sense for you. While having low interest rates doesn't always equate to being the best mortgage company overall, it should still be considered because your interest rate will affect your monthly payments.
Contour Mortgage has been working with home buyers for more than two decades, helping them to qualify and apply for mortgage loans. We take the time to review your financial information and explain which loan options would be the most beneficial. Contact us today to learn more.