A very important part of purchasing a home is finding the right lender. Below are questions that you should consider about thoroughly before deciding anything.
Questions to Consider When Selecting Your Lender..
· What is his or her reputation within the community? Do they have references?
· Is the company well known in the area? How long has the company been in business?
· Is the Lender a mortgage broker? Does the Lender have access to a wide variety of loan programs?
· Can the interest rated be locked in and for how long? Is there a charge?
What NOT To Do When Looking For Your Lender..
· Do not call around asking for interest rates quotes.
· Rates quoted over the phone are rarely locked prices. This is one way the lender gets you to come into his office. Rates can be subject to change unless they are predetermined for a specific period of time.
· Interest rates can change daily. A quote you get today may not be available at the same price tomorrow.
· The interest rate you are quoted over the phone by a Lender who knows nothing about you, may not be a program that will fit your needs of qualifications.
· Do not agree to a loan terms that you do not understand. A quality Loan Representative will explain rates and terms to your satisfaction.