Choosing a lender can be overwhelming when you look at all the different options out there. From banks to brokers, this loan versus that loan, pre-approval turnarounds and fees… there’s a lot to consider. But choosing a lender can be easier when you know what you’re looking for – so we’ve compiled some tips to help make choosing a lender as simple as it can be. It might even be fun.
Tips to Make Choosing a Lender Easier:
- Get quotes from several options. Compare.
- Make the phone call. Talking to your lender on the phone can help you answer some important questions beyond the numbers. Are they easy to get a hold of? Do they get back promptly? Do they take the time to explain things well when you ask a question? If they try to push you into a sell or rush through answering your questions, you may not want to work with them.
- Ask about timing. You may have a general idea of when you’d like to have your new home by – ask each lender what their turnaround times are for each step, such as pre-approval, appraisal and closing.
- Ask about expectations up front. Things like… how often do you usually communicate? Do you prefer phone or email? This keeps you on the same page from the beginning.
- Ask about options. Are there any other types of loans that you qualify for? Would they be a good fit for your family? Lenders generally have a lot of options, some of which you may be unaware of as you compare rates beforehand. Make sure to clarify what they’d actually recommend before you make your decision.
- Understand direct lending. We are a Direct Lender. So this one seems a little self-serving. But if you looked into it, you would see that working with a Direct Lender does offer you some key advantages. Being a direct lender basically means that we have the opportunity to use our own money and make our own decisions. Key factors that allow us to approve our clients easier, faster, and often at a lesser rate than a normal bank or broker.
We know the options can be overwhelming. We usually say the best thing to do is to pick up the phone and call. That usually will give you the most information, and a sense of what it’d be like to work with that lender. And yes, we hope we’re on your list of lenders to consider. Because we do believe we’re good at what we do. We’re a Christian mortgage team built on family values. And if that’s important to you as well, we’d love to help.
Best,
Audrey
The Christian Mortgage Mom
