Yeah! You have decided to buy a home. What is the first thing you need to think about? Where do I find the money to buy it? As you know, there are many lenders out there that you can choose from. How do you decide who is the right one. There are several things you can do to make sure you have the right lender.
If you buy a car, you look at the reviews, right? You start with doing the same for lenders. One option is asking friends and family. They will certainly tell you the truth about their good or bad experiences. Plus, you can read reviews online. Tyr to narrow your list down to just a few…say three different lenders.
Now that you have narrowed down your list, schedule a meeting with the lenders. Read up on the loans that the lender offers, so you do not go into the meeting blind. Make sure you have questions for them. This is a good chance to get to know them and their practices. You can also find out about their process for securing the mortgage, seeing if you feel comfortable about working with them, and discussing their mortgage terms. Also, ask if they have any closing “specials”, such as low to no closing costs.
Now that you have spoken with the lenders, it is time to choose the right one. Make comparisons on their lending terms. Are they offering a lower interest rate, but a longer loan term? Is it a higher term with help on closing costs? Can you afford their mortgage payments? There are so many ways to compare loans, but make sure you choose the one that best fulfills your needs and abilities, and one that you feel comfortable working with.
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