Buying a home should be one of the important events of your life, and getting a mortgage loan can be a difficult task. Before you start shopping at home, it is important to see what you need to get a loan. A Washington mortgage company or lender can help you understand what you need and what your best options are, specific to your personal situation.
The primary purpose of a mortgage company is to review and recommend loan options after reviewing the borrower’s application and financial statement. It is important to find the right mortgage company to get a loan, not all are created equal.
To simplify your search for the best person for the job, here are the top five things you should look for when hiring a mortgage company.
1. Define Your Purpose
As a customer, you need a mortgage banker. What is the reason? Buying or refinancing your primary home? Interested in buying an investment property? Do you want a very low monthly fee or do you want to repay the loan quickly? Whatever your goals are, you need to know the exact reason for contacting the lenders.
If you do not know why you are arriving, an effective lender will help you better define what you are trying to do, and it will help you draw a clear financial picture for yourself.
2. Knowledge and Experience
If you don’t know why you are arriving, can a mortgage company spokesperson help you set your goals? Otherwise, you should not work with that person. A mortgage specialist should ask about you and the components that go into your transaction at each stage. You want to make sure that your new needs are the best way for you based on your specific needs.
Most lenders can do most things, however, if you are looking for a specific product, you may want to do a little more work to find the right partner. Ask your real estate agent, financial advisor or tax accountant for advice.
3. Price
While your rate and price are important, it is not the most important thing. What is the best mortgage rate if you cannot close your transaction? You first need to know what you are trying to do, learn how to do it, and then start negotiating your best value.
You might want to look at ratios, loan payments, APR and some other factors that all differ and affect each other. To increase confusion, daily rates may change. Once you identify a property and confirm a deal, you can actively shop for interest rates and locks.
4. Clear description of the whole process
You should have enough to worry about buying a home, so the lending process does not want to add too much stress to it. Make sure that the process is clearly explained by your lender so that you know what to expect and when to expect.
The last thing you want is to add unexpected changes. As a housekeeper, your first step is to qualify first, then go out and find your home. Once you are on contract, the lender will handle your finance and your relationship with the real estate agent seller and settlement company.
5. Customer Service
Customer service is missing art today. The Internet has made everything easy and you have quick access to resources at our fingertips. When you shop for credit it is important to not only look at “Credit #XXXX”, but you will be treated like a valued customer and you will get the service you deserve.
The lender is the only customer you work with and you should expect to hear from your lender regularly and get timely answers to questions. The general public does not buy a house every day, so it is likely to be somewhat confusing or unclear.
