Last year, one factor drove the real estate market more than any other: rising mortgage rates. In March 2022, the Federal Reserve began a series of interest rate hikes in an effort to
Tips To Selecting a Mortgage Lender
Dated: November 17 2022
Views: 46
Selecting the right mortgage lender is crucial to securing the best mortgage rate and getting through the home-buying process as smoothly as possible. With so many options, it can take time to figure out where to start. Here are six tips to help you find and select the right mortgage lender for your needs.
Things to Consider When Getting a Mortgage
- Consider your needs. What kind of loan do you need? A fixed-rate mortgage or an adjustable-rate mortgage? A 15-year loan or a 30-year loan? Take time to familiarize yourself with the terms and language of the mortgage industry.
- et recommendations. Talk to family and friends who have recently bought a home. Ask them who their mortgage lender was and if they would recommend them.
- Do your research. Once you have a few recommendations, do some research on each one. Check out their website, read customer reviews, and contact them with questions.
- Compare rates and fees. Once you've decided on a few lenders, get quotes from each and compare the rates they offer. In addition to interest rates, also compare the fees each lender charges. These can include origination fees, application fees, and closing costs.
- Get pre-approved. Your credit score will play a significant role in determining the interest rate, so it's essential to understand where you stand. Once you've found a lender you're comfortable with, it's time to get pre-approved for a loan. Pre-approval will give you a better idea of what you can afford and put you in a stronger position to negotiate with sellers. If you're having trouble qualifying for a conventional loan, consider looking into government-backed options like FHA or VA.
- Know your down payment. Lenders will typically require a down payment of at least 10%, so you'll need to have saved up enough for this before you can apply for a loan.
As you can see, there are a few key things to consider when selecting a mortgage lender. But don't worry, we're here to help. Call us if you have any questions or need assistance finding the best lender.
We look forward to hearing from you!
Michener Group
(928) 308-4700
JAMES RUSCH MICHENER
James MichenerMichener03@gmail.com928-308-4700Patience -- it's a rare quality in today's hurry-up world -- and the cornerstone of my personal touch business approach. Time and attention are ....
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