Best Mortgage Lenders
How to Get a Mortgage | Compare Mortgages Online

Have you ever wondered how to shop for the best mortgage lenders? Once I was assisting two executives from the same company who were friends. Recently relocated to our area, they were home shopping with separate Realtors.

At a company barbeque, the discussion of mortgages and home buying came up. To their surprise, they realized I was handling both of their loan applications.

It was not a surprise to me though. They had both taken the very steps you are about to read in my article on how to find your best mortgage lenders.

Eight Effective Principles To Searching For The Best Mortgage Lenders

Friends ask me all the time how to find the best mortgage lenders. It comes with the territory because I have an insider's perspective. As a former bank loan officer and owner of my own mortgage company, I know what to look for.

Here are a few dependable principles I encourage my friends to follow.

1. What To Look For

Look for a mortgage institution with a stellar reputation. Question your real estate agent, family, neighbors and coworkers. Ask who they use and if they'd return the next time. Take note if one particular company pops up in several conversations.

2. Who To Look For

Be on the alert for individuals. Is a specific name mentioned? Companies often have a team of originators. The consultant should inspire as much confidence as the very best mortgage lenders.

3. Narrow Down The List

Compile a list after speaking with your friends. Include three to five recommended mortgage companies and individual representatives.

4. The Acceptable Cheat-Sheet

Take action. Initiate contact using a short cheat sheet. Write out your purpose ahead of time so you won't feel flustered or forget ideas. It also helps clarify what matters the most to you.

5. Share The Conversation

Give the mortgage loan consultants a turn to talk after stating your purpose. Don't allow their questions to annoy you. Inquiries are an indicator of interest.

6. Track The Answers

Now it is your turn. Ask for alternatives to your ideas based on the lender's knowledge and experience. Are you taking notes?

7. Check Your Gut

Check your response to the home loan representative. How are you feeling? Pay attention to your gut instinct.

8. Report Card Time

Grade prospective lenders. Rank them in order of their knowledge and your response.

Bonus! Try Expanding Your Options

Use the internet in your search for the best mortgage lenders. Here's how. Mortgage institutions are shifting the loan process online for efficiency. Although I still prefer direct contact with my mortgage broker, it's an accepted fact that lending is moving to the internet to reduce expenses.

Even though online mortgage applications may exceed your comfort level at first glance, this expands your opportunities. Lending companies who reduce expense can pass on lower mortgage closing costs to borrowers.

So, give searching on the internet a try. Expand your options. Type in a few search words. Try fixed mortgage rates or compare mortgage rates. Then sit back and allow the search engines to do your work.

Hint! Protect Your Credit

Here's help for finding the best mortgage lenders closer to home. Enter your city after the search words such as refinance mortgage rates san diego.

If you decide you want more information, you will discover a brief online application on each lender website. However, unless this is a company you have decided to apply with, do not input your social security number.

There are two reasons for this, security purposes and protecting your credit score. It is okay to pursue lenders on the internet but proceed with caution and common sense.

Use these simple ideas when searching for your best mortgage lenders. Follow my 8 steps. Take advantage of the internet to expand your search. You will improve your chances of finding the lender that is best for you.

Besides choosing the best mortgage lender, here is help for selecting a real estate agent. Supercharge your home buying experience with these 4 strategies!

Prime Real Estate Articles Tip No.35
Home Mortgage Application | Address and Units

Are you building a new house? I noticed street addresses can change after new construction is complete. I mention this because you might want to wait to print Open House invitations until the dust has settled.

I heard back every so often from new construction owners in a panic after the county adjusted their home address. All they needed was reassurance that they still owned the correct home!

Did you know mortgages are categorized by the number of units to the property? For instance, most common are one units and are referred to as SFR, single family residence. Two units are called a duplex and three units a triplex.

The maximum units allowed for residential lending is 4. More than 4 units is considered commercial.

Understanding Mortgage Applications

Take the guided tour with Kate's unique tips for filling out your home mortgage application...

Coborrower | Responsibility | Loan Type | Appraisal | Rates/Terms | Address/Units | Legal Description | Year Built | Purpose | Usage | Construction | Refinance | Title 1 | Title 2 | Fee Simple | Down Payment | Name | SS Number | Phone Number | DOB/Education | Address | Employment | Income | Housing Expense | Assets | Liabilities | Real Estate Schedule | Transaction Details | Declarations | Acknowledgement | Government Monitoring | Application Interview

View FNMA 1003

First Time Home Buyer's Tips

How To Buy A House - Tips On Buying A Home

How To Refi - Tips On Refinancing A Mortgage

How To Get A Mortgage - Home Mortgage Help

Roadmap At Prime Real Estate Articles

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