CHOOSING THE RIGHT LENDER

Choosing a good mortgage lender is a point, which cannot be overstated.  Selecting a good lender can go a long way toward saving you thousands and untold hours of anxiety.

The lender that offers the lowest interest rate may not be the best fit for you.  Look at the entire package before making a decision.  Here are four questions to ask that may assist you.

1.      Is the lender charging higher fees? (points, origination fees, etc.)

2.      Is the lender knowledgeable about your area?

3.      Has the lender offered a competitive loan package?

4.      Does the lender have a solid reputation?

Because there are so many loan products from lending institutions, the market is flooded with lenders offering what seems to be excellent terms and conditions.  They even publicize their schemes on television, print and online.  All this can leave you confused about which home equity loan product or lender to pick. 

Many veteran real estate practitioners have trusting relationships with lenders.  This is crucial to the success of a transaction.  And many real estate practitioners are able to suggest a range of lenders you can speak to face to face to get your questions answered.

Don’t be a victim by knowing too little, not asking questions or seeking help or expect something for nothing.  Check out the promises before you accept the loan.