Whether you’re looking to acquire a brand-new home, or you want to take advantage of the opportunity to get cash or a better interest rate by refinancing your existing home loan, it’s a good idea to know early on which mortgage lender you want to work with. In today’s world, there are a wealth of opportunities for you to apply for a home loan. So how do you find a trusted lender for you and your family? There are a few qualities—tangible and intangible– that may greatly impact the home loan application, approval, and closing process.
How Do I Select a Lender When Buying a Home? When Refinancing a Home?
When considering your options among mortgage lenders, it’s important to remember that not all lending institutions are equal. The services a mortgage lender might offer, for example, may not line up exactly with the offerings from a bank like The Federal Savings Bank. Here’s some advice from Nerdwallet: “when you buy a home, you’re in it for the long haul. You’ll have a mortgage payment for 15, 20, or 30 years, so it’s smart to shop around to find the [right] mortgage lenders out there.”
For the same reasons, it is also a good idea to educate yourself about the different types of home loans. Many borrowers find the default, “conventional loan” option to have many upsides, but there are other popular home loan programs, from low-cost home loans for veterans to “jumbo” loans for homes above a certain property value.
Don’t Settle for Just Any Loan Officer
There are many other factors that will impact your borrowing journey, including your personal credit and income profiles, but here’s something you can do that may help. Be sure you pick a loan officer with the character, experience, and knowledge to help you through the mortgage process. A member of the team at a trusted lender like The Federal Savings Bank can speak with you at no cost to you, so there’s no reason not to get in touch today. Let us help you evaluate your options and make the right possible financial decision for you and your family.
Subject to credit approval. Terms and conditions may apply. Subject to VA eligibility requirements. Property insurance is required on all loans secured by property.
This article is intended for general informational and educational purposes only and should not be construed as financial or tax advice. For more information on financial planning or investment advice, consult a registered investment advisor or financial planner. For tax advice, please consult a tax professional.
This information is intended for educational purposes only. Products and interest rates subject to change without notice. Loan products are subject to credit approval and include terms and conditions, fees and other costs. Terms and conditions may apply. Property insurance is required on all loans secured by property. VA loan products are subject to VA eligibility requirements. Adjustable Rate Mortgage (ARM) interest rates and monthly payment are subject to adjustment. Upon submission of a full application, a mortgage banker will review and provide you with the terms, conditions, disclosures, and additional details on the interest rates that apply to you individual situation.
