Buyers: How Do You Know Which Mortgage Lender to Choose?

One of the most frequently asked questions from buyers is how to choose the right lender for their home purchase. This is an exciting time for home buyers, and they want to be sure they are making the best choice.

We Interviewed George Kemble, with Allied Mortgage in the video above. He has been in the mortgage industry for 23 years now, and shares a few tips on questions you should ask when choosing a lender. 

Although the technology has been very helpful to our daily lives, it also leaves us overwhelmed most of the time. Buyers who have access to the internet are on the same boat whenever they try to google "mortgage lenders" on the net. It gives them thousands of options. So many options that they're often confused and stuck on deciding who to work with! Do I choose an online lender, a large bank, a small credit union? It can become a whirlwind of confusion, especially if you are a first time home buyer and have never been through this process before. 

Your Realtor is there to help, reach out to them and ask who they have had successful and smooth relationships with. Once you have this information, Do you homework! Give these lenders a call, and "Interview" them on a few of these main points below..

Rates and fees: This is always a good question to ask, as Lender Fees can range throughout the Market. While yes, these are definitely important; there are a few other items to consider as well when choosing a mortgage lender.

Service and availability: This is always significant. Who is there to help you, and what does their availability look like? The majority are home buyers are out and about on the weekends, and that is when they are most likely wanting to put an offer in on their home. Is your lender going to be available should you have questions?

The Market: ​​​​Buyers should also keep in mind that choosing a lender from the same marketplace is very crucial. For example as George mentioned above, Would you want a lender from California helping you to secure a loan on an Ocean City residence? There have been so many times where we have a well-qualified buyer but the lender or even the broker can't get the transaction completed. What a waste, right? So do not be tempted to settle for "flashy" lenders, instead, go with the experienced ones.

Communication: An open-line communication between the buyer and the lender is key. As a buyer, make sure to  educate yourself and ask the right questions as well as represent the right information to the lender. Technology is a wonderful thing and yes it is so convenient to grab your phone and start plugging in information, but when it comes to a major transaction like purchasing a home,  talking to somebody and actually discussing and reviewing the details with them makes a huge difference.

If you are someone you know, is ready to start the home buying or sale process now, please feel free to pass along this information to them! 

Please note- We are not a mortgage lending institution, nor are we affiliated with any business mentioned. This information is solely for educational purposes only.