5 Tips To Help You Pick A Diligent Texas Mortgage Lender
Picking the right mortgage lender is one of the most difficult decisions that you will likely be faced with when you are considering a mortgage. There is a huge range of mortgage lenders out there, all vying for your attention. A lender is willing to accept you is a good start, but doesn’t, alone, mean that it’s the best deal for you. Here are a few tips to help you pick the best mortgage lender.
For some people, working with a broker makes sense. It can save you time and hassle by doing a lot of the work for you, but there are a few drawbacks to working with a mortgage broker. Brokers earn money by being a go-between, facilitating communications between the borrower and the lender. A bad broker might set borrowers up with the lender that pays them the most, rather than the one that is the best deal for that individual. So, it’s important to research the brokers you are thinking of using.
2. Small Vs Large Lenders
Are you looking to borrow from a small lender or a larger one? Do you value customer service, or do you want a lower interest rate? Small lenders tend to offer more personal service, while large lenders can often provide better value for money. Are you willing to accept being one of a huge list of customers, and dealing with a different person every time you need to pick up the phone?
3. Word Of Mouth As A Tool For Finding A Lender
You probably know a lot of people who own a house. Ask your friends, family, and co-workers about the lenders they used. It is easier to trust a broker, or a lender if you know people that have worked with them. You may get some advice that will help you to avoid a horror story too.
4. Your Estate Agent Is An Expert
Good estate agents can be a valuable resource, and won’t limit their recommendations to the lenders they work with in-house. A good loan officer will take an application that comes through an estate agent seriously. If your estate agent refers you to a lender, make sure the lender knows about the referral. Use the connection to break the ice, and to try to get a good deal on the closing costs.
5. Do Your Due Diligence
Even if a recommendation comes from a family member or an estate agent, it’s worth doing your own research and speaking to some clients that you don’t know. Look at online reviews, and be sure to bring up any questions you have with the lender during the initial consultation, so that you have peace of mind before going through with the deal.