Most people don’t think of getting a loan as “shopping.” It should be just like shopping! Instead of just picking up the very first offer you find, you should be shopping for a lender that wants to work with you and is willing to make sure your loan works as well for you as it does for them. You should be looking for the best deal for you, not just the best deal on the table. If you are starting to look for a home loan, here are some things you should look for:
- Available loan specialists. Especially if you are a first-time home buyer and are not familiar with the jargon, the terminology, or the process of getting a loan, you are probably going to want to speak with someone not just once, but any time you have questions. Some lenders will be happy to talk to you until you sign your papers, and then will just be annoyed when you have more questions. Look for a lender that is happy to answer your calls, even if they’ve already given you the loan.
- Lenders that are recommended by realtors. Realtors help people buy and sell homes for a living. They get to know the lenders fairly quickly. These are the lenders that you want to work with, the ones that your realtor points you towards. Only a small percentage of buyers work with the lender recommended by their real estate agent, despite the fact that she is the most likely person to know which lenders are reputable and easy to work with.
- Lenders willing to cater loans to your unique needs. If you have a large chunk of cash to put down on a house, look for a lender who is willing to offer you lower interest rates or lower monthly payments in return for a higher down payment. If you don’t have as much money to put down, look for a lender who will let you put less down. The ideal lender should help cater your home loan to your financial situation, to make it possible for you to get a home on your terms.
Follow these guidelines and you’re sure to find a home loan lender that will get you into your dream home!