Tips for Choosing a Mortgage Company or Lender

Do's and Don'ts

Lenders: Do's and Don'ts

When choosing your mortgage company or lender, there are SO many options it can quickly become overwhelming. Here are a few tips and tricks to help you find the right match to help you purchase your next home! 

 Don’t use an online lender for a home purchase. Ever. That charming representative of the company that you speak with? They are a salesperson, and their job is to sell you a loan. It is not worth the risk of getting a lower interest rate which often doesn’t reflect the additional costs and fees that they use to offset the lower rate.  

 Don’t assume that a lender you previously used for a different type/location of home purchase is the best fit for this one (especially if they are not local)!

 Don’t default to using your bank for your mortgage just because you believe the pre-approval process is easier. We rarely find mortgage lenders at banks to be highly knowledgeable and experienced, it is often where lenders start out in the industry. Banks have some of the least consumer-friendly mortgage processes.

☑ Do ask for a full breakdown of all costs and fees. Even better, ask if the lender can provide you with a spreadsheet so that you can input different sales prices and property-specific details to see how they impact your monthly payment. 

☑ Do check out online reviews and social proof for any lender you are considering. A lender who doesn’t care to have an online presence or online reviews simply isn’t operating under current market conditions. 

☑ Do ask your financial planner or wealth manager what benefits come with using their in-house mortgage provider or affiliate.

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