Choosing the Right Mortgage Lender

When you are purchasing a home, there are lots of choices you have to consider; when is the right time? Should I look on my own or with a realtor? Do I want a pool? How many bedrooms? But of all the many choices you have to make, the one that is the most important is choosing the right lender.

Choosing a lender is very important because you want to make sure your home loan and mortgage rate are going to be suitable for the term of that loan as it typically is the longest term loan most people have in their lives. Family First Mortgage in Lafayette knows this is a big decision and we want to be there to support you in every step of the process.

This Is A Partnership 

Although you will ultimately be making the decision of who you want to work with when it comes to choosing your lender, you want to appear as a promising borrower to start this partnership in the right direction. One way you can do this is to make sure you have reviewed your credit score and ensure that all of your finances are in order. If you are unsure about how to improve your credit score, we can always help you with this as well at Family First Mortgage.

Do Your Research 

The world of mortgage lending can seem overwhelming especially if you are a first time home buyer, but it’s important that you do not shy away from learning as much as you can about this world so that you are as informed as possible when it comes to discussing the terms and conditions of your mortgage. Even if you do not know specific terminology or calculations, having an overall grasp of the landscape of lenders will make you feel more comfortable to ask specific questions down the line. Family First Mortgage can make sure you are getting the information on the type of loans available in Lafayette if you are purchasing in the area.

How Do I Choose?

There are many different types of lenders from credit unions to local loan companies and many others in between, and the one question that many ask is how do I choose? One thing that you have to keep in mind is that this decision is going to take some time so it’s important not to rush or get frustrated with the amount of options available.

Make sure you do your due diligence and review rates online from varying lenders in your area of purchase. Keep in mind, these numbers may not be exact as they are usually based on a general calculator and aren’t finely tuned to your specific financial scenario, but they can give you a baseline of what rates are in your area at the time. 

Communication Is Key

This is a huge step in your life and you want to make sure that you are picking the right lender as your interest rate could save you thousands of dollars over the course of your loan. Make sure you ask all the questions you have, whether it be how they prefer to communicate or what kind of fees or closing costs you should expect. It’s also important to make sure they know all the details of your financial background as they may be able to tailor a loan to your situation that could save you some money.

Get Started With Us Today

If you’d like to learn more about choosing a lender, or working with us on your home loan, contact Family First Mortgage in Lafayette, we’d love to help you with all your lending needs.