If you are currently looking for a new home then you may have made several trips scouting for that ideal dwelling, the dream home. Though it is great to shop around, one thing that most people forget is they should pay equal attention to look for a good mortgage lender as well. This is because most borrowers only look at borrowing/taking the mortgage from their bank or look at approaching lenders on the realtor recommendations. Very often borrowers do not feel the need to shop around for competitive rates and hence do not meet lenders who educate them before signing a mortgage. Since investing in a home is a big decision, it is equally important to look for a good mortgage lender.
With just a little effort you find a good mortgage lender too. Here's what you need to do!
1. Ask for help. You would certainly have friends or family or even colleagues who have gone through the entire process of taking a mortgage. You can ask them for their choice of lender and their overall experience in dealing with the person. If they narrate a positive experience you could also use the same lender. Typically, real estate agents also provide a list of recommendations for trusted lenders who are in their network.
2. Read recommendations online. It may sound basic but you will be surprised how Google or Yelp can help you in finding a good mortgage lender. Reviews are posted online by others who have been in the same situation as you. Their reviews will lead you to find the right broker or lender.
3. Read website content. Upon arriving at a few choices for mortgage lenders or brokers you can look up their website for more information. On their websites you may find information that is useful to your situation such as the kinds of mortgages on offer, the number of years they have been in the industry, how they function, and what they are willing to do to make your loan experience a smooth one.
4. Face-to-face interaction. Once your basic research is over you should fix up a call or meet these lenders. The way they attend to you on a call tells a lot about them as a person. Are they over-friendly or professional, helpful or simply wanting to close a deal etc. These facts will make your decision to go along with them easier. In fact, before meeting them you should have some questions ready with you about the kind of loan, how it will be processed, timelines etc. If they answer your questions to your satisfaction it is a good sign.
5. Fee factor. Another consideration for the borrower is the fee and the charges which they must address in their calls and meeting with lenders or brokers. Typically, a fee may include credit report fees, flood certification fees, broker fees, and appraisal fees among others.
If you want to take up a mortgage in Brampton and are looking for a lender or a broker do not hesitate to reach out to LendX.