Congrats on making that big leap on buying a home! You realize that you need to get pre-qualified before you start looking but who do you get pre-qualified with?  There are thousands of lenders to choose from but which one is right for you?  Here are some tips on how to find a great lender:

Find a Great Lender Tip 1 – Referrals:

Ask your friends, family, and co-workers who own homes with a mortgage and how they found their great lender.  Ask if they were happy with their lender and would they consider referring them to you.  

Find a Great Lender Tip 2 – Online Searches:

Look online to find mortgage lenders and get a list started.  You will find the big banks and small companies.  Just remember bigger is not always better.

Find a Great Lender Tip 3 – Ask your Realtor:

Your Realtor will have a network of lenders that they have worked with.  Usually, your Realtor will have one or two lenders that they work with that have competitive rates and a great customer experience. Your Realtor will know how to find a great lender.

Big Banks:

Most large financial institutions will have a mortgage division.  Stop in your local branch and see if they have a mortgage lender to speak with.  Don’t sign on the dotted line, just ask for a rate sheet and timelines.

Small Banks/Credit Unions:

These are hidden gems in the mortgage market.  Call or stop in; same as the big banks just ask for information.  They will either have someone on hand to help or will refer you to someone to call.

Mortgage Banker vs. Mortgage Broker:

The distinctive difference is that a mortgage banker closes on their own loans and a mortgage broker will usually sell your loan after it closes.  Brokers do not usually service the loans they offer.  Both have advantages and disadvantages but be sure to shop around for competitive rates and see who your friends and family use.

Be sure to do your homework and shop around.  Look for a lender that has competitive rates, an amazing customer experience, is responsive, and is willing to help you achieve your goals.  Feel free to interview the lenders and get to know them and understand what is needed to obtain a loan.  A great lender will provide assistance with credit score improvements and guide you along the way of the pre-approval, underwriting, and closing process.

If you need help finding a qualified lender, please give us a call and we can recommend a lender for you.