Comparing Mortgage Lenders

Comparing mortgage lenders might seem like a chore. There are many lenders competing for your business with seemingly more and more attractive deals. But you need to be able to rationally compare and judge them to find the one who’s right for you. This is an extremely important decision as it determines what you will be paying for many years to come. So be patient and take time to compare for the best deal. There are a slew of lenders out there and unfortunately you have to be able to decipher the people trying to rip you off from the people trying to help you and actually get you a good deal.

Put in the research and compare, compare, compare. You want the best loan packages and rates possible. There are different home buying programs with handsome loan packages you might not be aware of. Ideally, you’ll want to go with the lender who’s skilled in their field, shows competence, intelligence, and integrity – and, of course, the best product options at the end of the day.

Below, you’ll find a host of tips and advice on how to compare mortgage lenders, helping you find the one that’s best for you.

Measurable Experience

You want a lender that has measurable experience in the industry. This will require research into the bank and company the lender works for. What kind of clients do they usually help? Ask for referrals on the lenders that you are interested in. You are well within your rights to ask for client testimonials. Ask the clients about how well they conduct their business. Was it hard to get in touch with them? How quickly did they get the job done, and how was the follow up when they asked questions? Was the process seamless throughout? Did they behave professionally?

Get a lender that is in your city. Unless they are a well-known lender, don’t use one who’s out-of-state. Research the lender online and on the company website. If the company is privately owned, try to check their business reputation with the Better Business Bureau.

Skill And Capability

A lender needs to be able to educate you on all the loan products and programs that they can offer. They also need to make you confident in whatever option you do choose. They are meant to make you feel like you are in good hands. They need to be professional and respectful at all times. Overall if you do not feel confident about the deal, it might not be the right lender for you. If it doesn’t feel right you might want to shop elsewhere and that’s ok! Keep looking around for the best pick. You want to leave feeling like the lender knows what they’re doing and that you got the best product possible.

Picking Products

You should be offered many different product options for your home loan. The company dictates what these packages are, but your lender should be offering them to you. You want to find a lender that has a wide variance in loan product options. More options usually mean that you will find one that’s better tailored to your particular situation. Mortgage companies usually have more packages to offer than banks but if you have good relations with your bank, they might be the first place to look. You want product options that are varied, attractive and safe.

Remember, comparing lenders doesn’t have to be hard; you just need to take your time and look for the things that matter:

  1. Measurable Experience
  2. Skill and Professional Attitude
  3. Attractive Products

Don’t rush, ask plenty of questions and see if you feel safe and taken care of by your mortgage lender. Think of it like dating: you’re looking for someone you can get along with, and who won’t cheat you, and can establish a respectful relationship with.


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Posted on May 22, 2023