Working with an experienced mortgage lender can be beneficial to you in several ways. But how can you determine which of the countless mortgage companies near you is the best? As you start your research to choose a mortgage lender, the first thing you’ll want to identify is what type of property you want. Mortgage companies often specialize in specific loans for different kinds of properties.
Here are three factors to consider in your search:
- What are the closing costs for the lender?Mortgage lenders can give potential borrowers what is called a good faith estimate that outlines their closing costs. Each lender has different items they regard as closing costs, so it is essential to ask for a good faith estimate from lenders you are considering to compare the estimates.
- How do their interest rates compare to other companies?When comparing interest rates, keep in mind which rates go with which type of loan. Adjustable-rate mortgages (ARMs) and fixed-rate mortgages (FRMs) have different interest rates. You may also want to note whether the company is very transparent about its rates or not. Some lenders try to draw borrowers in with low initial rates, but often those are for adjustable-rate loans, meaning that rate is subject to change.
- How does the lender operate?Most lenders work with several different third parties. You will be communicating with a loan officer, who will then interact with the bank and the underwriters, just to name a few of the parties involved. With JVM, there are no commissioned loan officers. We are a team working on your behalf from start to finish with in-house underwriters. When you work with JVM, you’ll experience our super team who handles everything ourselves, meaning less waiting, clear communication, and a better process.
The three factors listed above are essential issues to learn about as you research and choose the best mortgage company to meet your needs. A few last things to keep in mind are the company’s longevity, reviews, and customer service. It is vital that you can trust and feel comfortable with your lender.
This blog covers just a few of the factors to consider when choosing a mortgage lender. To learn more about how you can get pre-approved, secure a low mortgage rate, and the other factors that impact your home loan process, you can contact our expert team of Mortgage Analysts. Our team is available 7 days week by phone at (855) 855-4491 or by email at email@example.com.
Founder/Broker | JVM Lending
(855) 855-4491 | DRE# 1197176, NMLS# 310167