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Sunday, 12 July 2015
Choosing a Mortgage Lender
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Taking out a mortgage is a big deal, so choosing the professional who will handle your mortgage should also be a big deal. If several thousand of your dollars will be paid out in interest to a company for the next 10 to 30 years, then you deserve to be treated well during the course of your business deal. Do your homework and don't be afraid to shop around and be picky.


The Internet has made shopping for lenders more convenient in some ways, but it has also made it more confusing because there are so many lenders to choose from. Make use of the abundant mortgage information on the Internet by searching for the current interest rates being offered by several different companies. That way when you start talking numbers with someone for your loan, you know what is reasonable to expect.


To start your search for the lender who can best meet your needs, ask several people you trust for recommendations, especially if it's someone who has just recently gone through the home-buying process. Reach out to people in your circle who might work with lenders, such as accountants, legal advisors, and of course Realtors. We sit across the table from lenders all the time. We know which ones show up prepared. We know which ones take care of their clients, because those clients are also our clients.


Some real estate companies might have their own in-house lenders. This could be a more convenient option for your needs, but that doesn't mean it's the best or most competitive, so don't be afraid to ask around before you decide. The same advice goes for builders who offer upgrades with their in-house lenders. You still need to ask around to make sure you are getting the best rates and service for your specific needs.


Once you have a few names, call and interview each one or stop by their offices. Does their lending company have the best "product" that meets your needs? Some might require 10% down while others require 20%, so that is something you need to find out up front. Do they work with independent contractors if that is what you're looking for? Some do and some don't. Are they quick to return your calls and kind when you ask questions? Does the person seem engaged with your specific needs? Also, banks use different underwriting systems, so if that is something that is important to you-how the money is being backed-don't be afraid to ask that either.


As you call around, be sure to take notes from each one and ask for electronic documents if needed so that you can make your decision. Sometimes you might end up with more than one "good" choice, so your decision might actually boil down to the overall rapport you felt with one lender over another.


There are many great mortgage lenders in the Nashville, Tenn., area, and I would love to work with you and point you in the right direction.

Jarod Tanksley
jarod@realtracs.com
615-669-8265

 

photo credit: freedigitalphotos.net

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Posted on 07/12/2015 11:40 PM by Jarod
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