It can be challenging to find a suitable lender. You may have had a frustrating experience with your last one, or you’re just starting the process and don’t know where to begin. Regardless of your situation, seeking out satisfaction with your lender is essential. This post will give tips for finding the right lender and getting what you need from them.
No one wants to end up being one of the 20% of home buyers unhappy with their lender. But how does this happen? And what can you do to avoid it?
There are a few things that can contribute to dissatisfaction with a lender. The loan process may have been more complicated and took longer than expected. Or the interest rate was higher than anticipated. Whatever the case may be, you can take steps to ensure that you’re happy with your lender.
Here are a few tips for seeking satisfaction with your lender:
1. Do your research
When shopping for a loan, it’s essential to do your research and compare different lenders. This extra step will help you find the best interest rate and terms for your loan.
2. Be realistic
Don’t expect perfection from your lender. Things may go differently than planned, but you should be satisfied if you get a loan that meets your needs.
3. Ask questions
If you need help understanding something, ask your lender for clarification. You must understand the loan process and what you’re agreeing to. After you have compared rates, ask for referrals from friends, family members, and look up online reviews and independent rating agencies to learn about the lender’s merit. Then when it’s time to meet, ask questions such as:
- What is their method of communication?
- How long do their preapproval, appraisal, and closing take?
- What lender fees are there?
- What are the down payment requirements?
Below are some additional items that will help you have a smooth mortgage process:
Get your credit score in shape: The lower the credit score, the higher the interest rate. Elevate your credit score by paying off high-interest debts and lowering your overall debt. Also, double-check to make sure your credit report is accurate and error-free.
Know the mortgage lending landscape: Understand the common types of home lenders: credit unions, mortgage bankers, correspondent lenders, saving and loans, and mutual saving banks.
Get preapproved: By getting a mortgage preapproval, you will have an edge when bidding against other buyers.
Compare rates from several lenders: Search for the best mortgage rates online. Once you have several quotes, compare the costs, and you can use your research to negotiate for the best mortgage rate.
Following these tips will help you find a lender you’re happy with. Remember, it’s essential to research and ask questions to make the best decision for your needs. And finally, don’t expect perfection – things may only sometimes go according to plan, but as long as you get a loan that meets your needs, you should be satisfied. With a little effort, you can find a lender you’re happy with and avoid being one of the 20% of home buyers who end up dissatisfied.
Are you looking for a mortgage broker to help you navigate the lending process? I’m happy to refer a few. Get in touch today: (928) 710-9148