Choosing a mortgage lender is important.  Many people don’t understand just how crucial the lender can be to helping you find the right mortgage for your new home.  Each lender is unique and offers different options; the fate of your home loan application is in their hands.  Some lenders tend to be more strict than others complying to the rules fully while others are a bit more lenient and work around issues that other lenders may not.   Here are some financial tips to consider when looking for a lender to service your home mortgage needs.

  • Before you go looking for a mortgage lender know exactly what you are looking for.  Determine what type of home loan that you think would work best for your situation.  Are you looking to purchase your first home?   You may consider a loan with special rates for first time home buyers.  A good mortgage lender will tell you all of the loans you qualify for and will show you which option works best for your situation.  They will then let you decide which you believe is in your best interest.
  • Look into the different mortgage rates that are currently available. This can be done online or in person with a lender.  The more you know before you begin looking for a mortgage and a lender the better prepared you will be to make a thorough decision.
  • Different types of lenders have their advantages and disadvantages.  Some mortgage lenders actually lend their own money while other lenders will broker your mortgage out to a variety of lenders and look for the best option for your home loan.
  • Compare the fees that are charged between lenders.  Ask about upfront costs, closing costs and any hidden fees that are tied into the principal of the mortgage.  Avoid rolling last minute costs into your principal loan amount as the interest that you pay on that small amount of principal can really add up over time.
  • Talk to the referrals of the companies you are leaning towards working with to find a mortgage for you and your home.  Ask for pre-approvals as well while you are shopping for a home loan.  Between talking with referrals and considering the various pre-approvals you have been given you will most likely have narrowed down your choice of mortgage lenders to just a few if not the one.  If you are stuck with a decision narrowed down to two lenders talk with your real estate agent.  They may have past experience working with the different lenders in the past and be able to help you decide.

Choosing a mortgage lender is an important process of buying a home.  Between hiring an agent to represent you in buying your home and hiring a lender to finance your new home you have a lot of decisions to make.  A lot of buying and financing a home comes down to your gut reaction as well.  Trust yourself and your research; both will lead you exactly where you need to be.

Cross Country Mortgage in Brighton, Michigan provide mortgage services for clients including new home loans, refinancing, reversed mortgages, new purchase home mortgages and home equity loans to the entire Livingston County area including Brighton, Howell and Livingston County. Cross Country Mortgage Brighton, MI at