What to Look for in a Mortgage Lender
Finding a mortgage lender can be a daunting process. Buying or refinancing a home, for most people, is the biggest financial decision they’ll ever make! It’s important to have someone by your side that is offering you a mortgage best suited for your financial situation and future goals.
So how do you determine who to trust with your mortgage? What should you consider?
Let’s start with the biggie…you’ll need to know the rates, fees, and terms for different mortgage lenders you’re considering. What would your monthly payment and closing costs look like? Your interest rate is an important part of that, but the lowest rate is not always the best. It’s important to know the “par rate” (rate with no fees attached) to be sure you’re comparing apples to apples.
Despite the importance that’s typically placed on interest rates, there are plenty of other factors to consider. The most important quality in a mortgage lender is communication. There are a lot of steps in applying for and obtaining a mortgage, and you want someone who will be proactive and keep you informed of the different steps. You also want someone who will respond quickly and clearly so you can get prompt answers to any questions.
Another important factor is honesty. Unfortunately, there are shady people in the mortgage industry who might push you into a loan that isn’t the best fit for you. Here at the Jay Dacey team, if someone else offers a loan better-suited to your needs, we’ll tell you! You want a mortgage lender who puts your interests first and who will help give you honest advice about what type of loan will fit your long-term financial goals.
And lastly, ask your mortgage lender how long the process will take. Speed is king! Most “big banks” take 45-60 days to process your loan. As a small lender, we’re able to close much more quickly–as soon as 10 days! This not only means you could close your loan sooner, but there’s ample time to make changes or deal with any issues that may come up.
Getting a mortgage is a huge decision, and we’re here to help. Reach out to us at 651-315-7681 if you think we’d be a good fit for you!
Jay Dacey Mortgage Team, NMLS #1812066. We lend in Minnesota, Wisconsin, and Florida. This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates and programs are subject to change without notice. All products are subject to credit and property approval. Other restrictions and limitations should apply.