If you’re like the vast majority of buyers, you’ll be purchasing your new home with a mortgage. Not only will you be working closely with your lender throughout the home buying process, but your interest rate and fees will greatly affect your monthly payment! Here’s what to consider before the important decision of selecting a lender:
- Shop around! Reach out to your regular bank, as well as a few mortgage brokers (who will compare rates at multiple big lenders for you). Some clients prefer the comfort of using their regular bank, whereas others appreciate the specialized customer service of a mortgage broker. Regardless of which you choose, we recommend comparing at least three different lenders to ensure that you’re getting the best deal.
- Compare ALL of the numbers — not just the interest rate. In fact, it’s not uncommon for lenders to advertise and offer low interest rates but charge high upfront fees and include “points” in their advertised rates. Be sure to read through all of the fees and don’t be afraid to ask questions!
- Consider the lending professional’s personality, responsiveness, and helpfulness. You’ll be in close contact with this person throughout the entire home buying process, so it’s a good idea to ensure that you enjoy working with them! Be sure to ask about how you may best reach them, too. Some bank professionals are only available during regular business hours, whereas most mortgage brokers will frequently work on evenings and weekends.
Not quite sure where to start? No problem! Shoot us an e-mail at theoffice@everyhome.com and we’d be happy to introduce you to a few helpful, local lenders!