How to find the best Mortgage Lender

Once you’ve decided to buy a house, finding the right mortgage lender is the next big step of the home-buying process. Although there is no shortage of banks, mortgage lenders, and other players that can offer you a loan; finding the best loan for your situation requires more diligent investment. Below we will show you how to find best mortgage lender. If you are not ready to apply and would like to know how much you can qualify for, CLICK HERE and we will help you out.

If you’re looking for the best mortgage lender for your home loan, here are some tips for choosing the best.

Research your loan options thoroughly

First and foremost is to ask lots of questions.  Be wary of lenders that offer solutions without first understanding your financial situation and goals.  It is paramount to understand your credit score, income, debts, payment goals, approximate location(s) of where you want to live, and how long you intend to live in the home before detailed discussions on loan programs. 

It’s extremely important that your lender is forthright and thorough, this is after all one of the largest purchases you’ll likely ever make.

• Every loan program has Pros and Con’s.
• Having numerous loan programs to choose from ensures you get the ideal program for your situation.
• Ask if “discount points” are included in the quoted interest rate. Discount points are a fee that you pay upfront to get a lower interest rate for the life of the loan.  It may or may not be the best business decision; the lender should help you calculate if it makes sense.
• Look at the fine print. Lenders often advertise their best/lowest interest rate.  If you look closely, that rate will have terms (large down payment, high credit scores, and low debt ratios) tied to it that most buyers cannot meet.
• Remember that Homeowner’s (Hazard) Insurance and Real Estate Taxes will be the same regardless of which lender you use. Some lenders artificially lower these figures to make it appear as though their product is cheaper.

Explore the loan alternatives in Kansas

Your lender should have presented you with loan options based on your stated goals and completed application.  The next step is to explore the various loan alternatives and choose your program.

As stated above, every home loan program has Pros and Con’s.  There is almost always a tradeoff between down payment amount, mortgage insurance amount, interest rate, debt-to-income ratios allowed, and total cash to close.  Your lender should discuss these tradeoffs such that you can make the best decision for your situation. 

Remember “Buyer Beware”.  If it seems too good to be true or the tradeoff hasn’t been made explicitly clear, ask more questions.

Read the provided legal documents in their entirety

While choosing your mortgage lender, remember to always read the entire contract terms and conditions thoroughly.

• If needed, get your loan consultant to explain the details to you so as to maintain the transparency in the communication.
• The right mortgage lender will provide a clear and concise cost estimate of all of the charges associated with your loan. Ensure that you read these carefully.

Why choose us?

We are known for our open, honest, and thorough communication.  We have access to ~70 different loan programs so you can always be sure that the options presented are the best for your situation.  To see which of those ~70 programs would be best for you, CLICK HERE

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