How To Vet A Mortgage Lender

One of the most important decisions you’ll make during the home buying process is who you decide to do your mortgage with. One thing you cannot whiff on is the financing. When the dust settles, it’s the monthly mortgage payment that stays, so we have to ensure we’re working with the right person to get you there with the care and diligence you deserve. When most people think of getting a mortgage, they immediately think of the interest rate and getting their credit pulled, but there is so much more that’s involved, so knowingly how to properly vet a mortgage professional to ensure you’re working with one best aligned to meet your goals can be the difference between a positive experience and a 30-year mistake.

Knowledge

• What are the different kinds of mortgages?
• How do I avoid mortgage insurance? If unavoidable, how can I limit how long I pay it?
• Where are rates currently? What impacts their movement and where do you forecast them being over the next 6 months?

Experience

• How long have you been a mortgage professional?
• How many 1st time buyers do you work with?

Competence/Communication

• What are all the costs and fees I should be prepared for?
• What are the pros and cons of a larger down payment and shorter mortgage term? Is it worth it for me to put more money into the transaction?
• What credit qualifications do you require? How can you help me better my position to take advantage of the best terms possible?
• How often do you communicate with your clients?
• Is a mortgage rate lock available?
• Will there be a prepayment penalty?
• What documents will you need for loan underwriting?
• How long do you take to fund?

It seems instinctive to just call your banking institution or use someone in the business that you know, and those aren’t wrong, but there’s no substitute to proper due diligence and slowing down before you speed up. Remember, these are business decisions, so treat them as such and make sure you’re not just settling out of convenience. 

 If you'd like to find out more, reach out to a member of our team or fill out the info in form below and someone will help get the answers you deserve!