Rates and loan options seem to change daily. Use these insider strategies to lock in the very best home loan deal right now.
Choosing the right mortgage lender makes all the difference in getting the ideal financing for your specific home buying needs and situation. Here are my top 10 tips for finding the best lender:
Know Your Credit Score
Before approaching any lenders, check your credit reports and scores. This determines the rates and loan programs you’ll likely qualify for. Take time to improve your credit first if needed.
Research Current Rates
Compare average 30-year fixed mortgage rates across multiple sources. See rate specials lenders advertise. This gives insight into competitive pricing.
Get Pre-Approved
Go through full pre-approval with 2-3 lenders, including local banks, credit unions and online lenders. Compare all quotes.
Ask About All Loan Types
Inquire about conventional loans, FHA, VA, USDA, jumbo, adjustable rate mortgages. See all options you may qualify for.
Compare Total Lender Fees
Look beyond rates alone. Origination charges, points, and fees vary greatly and impact costs.
Evaluate Customer Service
Assess communication, transparency and overall responsiveness when interacting with lenders. This relationship will be invaluable throughout the mortgage process.
Check Reviews Online
Research online reviews and complaints for feedback on lenders from past customers. Look for consistent positive feedback.
Clarify the Lock Process
Ask how and when you can lock your rate with each lender to avoid any surprises. Get clear timeframes.
Ask About Discounts
Inquire about discount opportunities for your situation – military, union memberships, employee programs, etc.
Get Referrals and Advice
Talk to real estate agents, financial advisors, friends/family for lender recommendations based on first-hand experience.
Doing your homework on the front end ensures you find the absolute best mortgage lender fit! Let me know if any other questions come up.