10 Tips for Finding the Right Mortgage Lender
Have you put much thought into how you’re going to select the mortgage lender for your next home purchase? Some people simply go through their banks while others will look for recommendations from friends and family. There’s so much more involved in developing a healthy relationship with your lender. Here are the 10 things you should be looking for in a mortgage company.
1. They Ask Questions
Sure, you probably have a lot of questions for your mortgage lender, but they should also be asking you questions. Your mortgage lender should be dedicated to finding the right loan for your life situation, and that means getting to know you.
If your lender isn’t asking questions about your lifestyle, your financial needs, and your future plans then they may not be the right lender for you. Similarly, this is why many people advise against online mortgage apps because they miss out on the personal experience.
2. They Communicate Effectively
No matter what the situation, you just want to know what’s happening, when, and why. Your mortgage lender should be able to communicate each step along the way to you in a timely fashion to let you know how things are progressing.
They should also pay attention to how you like to communicate. If you prefer phone calls, they can call you. They can also set up face-to-face meetings or utilize digital media like texting or emails. Your lender is there to make your life easier, so they should get to know what works for you.
3. They Solve Problems
In business there’s a saying that you’re only as good as the last problem you solved. While you would prefer not to have to have problems to begin with, sometimes they’re unavoidable. But when a problem arises, you want the right lender to help you solve them.
A good lender will avoid problems if at all possible, but you want someone in your corner who is willing to get their hands dirty and help you with the right solution. If your lender isn’t willing to help you solve a problem, you may want to consider your other options.
4. They Provide Education
Something many homebuyers don’t think about is learning the process. Most of us want to give our information to a lender and let the magic happen behind the scenes, but that isn’t always the best for our financial futures.
A lender who is willing to educate their clients on the options and more details about the process and area will be much more valuable long term. It’s helpful to have someone to lean on, even after you’ve bought your home, if you need to learn more in the future.
5. They Have In-House Processing & Underwriting
Have you thought much about how your loan is being processed? There are six distinct steps to the process: pre-approval, house shopping, mortgage application, loan processing, underwriting and closing. Working with a lender who handles this in house will give you a financial advantage. Why?
When working with local lenders, you can have a personalized and face-to-face experience. There may even be financial incentives or advantages to handle the process with someone who does in-house processing and underwriting.
6. They Offer a Mobile App
Our world is more connected today than it has ever been before. We communicate online through social media, texting, and more. Why wouldn’t the mortgage industry keep up with the times by offering an app to make the process easier.
This is why many people turn to large on-line mortgage services, but there may be a more personalized middle ground. Your local lender should also be able to provide a mobile app to keep the entire process at your fingertips.
7. They Make It Simple
When deciding which mortgage lender to use, it may be useful to consider how simple the process can be. That isn’t to say that getting a mortgage isn’t complicated or complex, but that the right mortgage lender can make it simply for you to follow along.
By explaining things in simple, lay-persons terms, you are better able to understand how this process can affect you financially. You can also see the long-term positive effects of the choices that are available for you.
8. You Like them
We can’t stress this enough. It’s okay to make your choice of mortgage lender based on whether or not you like them personally. This is a person that you’ll be working closely with on serious financial matters, its okay to have a personal opinion about how they interact with you.
If you don’t genuinely like the person handling your mortgage process, you may find yourself fighting the process along the way. You don’t have to be best friends with your lender, but it doesn’t hurt to feel like they’re someone you could have a beer with from time to time.
9. They Have a Local Office
With the prevalence of online lenders, you may be wondering why a local lender is important. The truth is, someone with a local office understands not only the financial market nationally but also the local community.
For some people, it’s very important that they do business with companies and individual who are a part of the local neighborhoods. A lender with a local office is likely to be involved in volunteer activities and understands the needs of the city as well as the individual. They want to make Asheville a better place for everyone.
10. They Close on Time
Finally, you want to work with a mortgage lender who has a reputation for closing on time. Closing on time, every time needs to be a priority for their work. It demonstrates a number of professionally responsible behaviors, including valuing the time of each of their clients.
There are a variety of ways a mortgage lender can ensure that your new home closes on time. They can work with their network, the financials, and more to ensure that you have a positive experience and can be in your new home when you expected.
To learn more about your local West Asheville lenders, contact the team at GoPrime Mortgage, Inc. . We hope you have enjoyed “10 Tips for how to find the right mortgage lender right here in the Western North Carolina community.”
