The home buying process has many steps including shopping for a mortgage loan. There are some common factors across lenders like basing rates off of Fannie Mae / Freddie Mac. However, there are a lot of variables such as communication, timing of execution, and third-party fees which are all an important part of the process.
Finding lenders can start in a few ways but we recommend beginning with those that have been referred by you Broker or friends and family. Once you have narrowed it down to two or three you can set up an initial interview during which you want to learn about the lender and company.
Here are some suggestions:
– What information do I need to supply?
– Can you take me through the whole process?
– What types of fees should I expect?
– What loans are available to me?
– How long do these types of loans take to close?
– Are their options to expedite if needed and is there a cost?
– What is your communication style and availability?
– Do you foresee any issues with my situation?
This year, interest rates have had significant increased and fluctuations as shown in the chart below. If you are thinking about purchasing a home or refinancing within the next 6 months, we highly encourage you to begin the process of selecting a mortgage lender now so you can hit the ground running once you find the right property. Your mortgage lender is an integral member of the team and we are happy to provide recommendations of local lenders that we work with regularly and trust to make the process understandable and smooth.
Real Houselogic’s full article on finding a mortgage loan here: https://www.houselogic.com/buy-sell/how-to-shop-around-for-a-mortgage-loan/?site_ref=mosaic