When it comes to buying a home, deciding who will finance your mortgage is an important decision. Selecting a mortgage lender should be based on more than just the lowest rate. You want a lender who’s a good fit— the right match for you as a borrower. Mortgage lending should be a collaborative process between you and your lender.
You don’t have to apply for a loan to ask questions. You can find out a lot by simply calling a Mortgage Loan Officer
to ask about loan programs that are available. One of the most important questions to ask is about turnaround time from application to closing. Ask who will service your loan—because you’ll want to have someone easily accessible to help with any issues that may come up later. Also ask what happens if the appraisal comes in too low or your rate lock expires before closing, or other issues that could happen last minute. Your lender should be able to help you set expectations and commit to getting you to settlement.
When qualifying you for a loan, a good lender should talk to you about mortgage payments in context with the rest of your financial plan. In return, you may be asked about your long-term plans for homeownership and overall financial goals. That’s a good thing, because you want someone who focuses on you, not on your loan.