What Makes A Good Mortgage Lender?

What Makes A Good Mortgage Lender?
  • Opening Intro -

    Owning a home may seem like an unattainable dream for many people.

    Financial constraints can be a major stumbling block for those who desire to be homeowners.

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But, there is a loan solution in the form of mortgage facilities. Borrowers can get money to purchase a new home. Others use the same facilities to refinance existing home loans.

When looking for a mortgage lender, go beyond the actual loan. Yes, interest rates and repayment periods are critical factors when researching lenders. But, there are specific qualities a good mortgage lender has.

Range of Mortgage Options

Your lender should not lock you down to one or two products. Good lenders have many options, thus giving more choices to customers. The best Texas mortgage lenders have products that target specific market segments. That makes it easier to get a suitable option for you. These include:-

  1. FHA loans for those with lower credit scores
  2. VA loans for service members, veterans, and even military spouses
  3. Jumbo loans for those needing to borrow a larger amount
  4. Texas cash-out loans that combine traditional refinancing mortgages and equity loans. By refinancing your mortgage, you get a percentage of the difference between the current home value and loan value.

Your lender must provide the right solution depending on your goals. They should be able to tailor-make products if you want to buy, build, remodel or expand the home. 

Extensive Knowledge of the Local Market

You are working hard to find the best mortgage lenders. You know that it is important to carry out proper due diligence. And that means talking to many different mortgage lenders. What makes one stand out is their level of professionalism. They have such in-depth knowledge of the local market.

The mortgage lenders recommend the best places to buy and who to work with in terms of local real estate professionals, appraisers, and inspectors. You feel an immediate sense of comfort and confidence in their abilities.

The quality of a good mortgage lender lies in their expertise. But, it goes beyond that. How well does the lender know the local market, community, and people? A good reputation in the community shows that the lender is trustworthy.

Good Communication Skills

Your mortgage lender takes on the role of a financial adviser. So, they should know the subject matter well. But, what good is that knowledge if they do not share it with you as the client?

A good mortgage lender must be a good communicator. You should be comfortable asking them any question. In return, they should walk you through whatever you need to know.

Does the lender take time to walk you through all the documents? Some of them can be pretty confusing, full of legalese or jargon. Be wary of a mortgage lender who seems to brush you off.

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Interest in Your Well Being

Your mortgage lender advisor has targets to meet. That means the more loans he closes, the better his job security. Take note of any lender who seems to be in a hurry to close deals. They will place their interests above yours.

The same applies to any broker who seems to have lofty promises. They will use bait to lure you into their clutches. Once they get you, the switch comes in. They suddenly stop being as helpful or friendly as they were before. You can, for instance, discover so many hidden fees you knew nothing about.

A good lender will look at your financial status before giving any recommendations. If you start to feel under pressure to sign on the dotted line, please back off. Employ the power of intuition here. If your gut is screaming, run, don’t ignore it.

Total Transparency

A reputable broker should have no problem with total honesty. We touched on the issue of hidden fees. A good mortgage broker will not hide such facts. From the beginning, you know how much they will charge for their services based on the scope of work.

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You will get a lot of honest feedback from customer reviews. Do take time for proper due diligence. The lender will be happy to share customer references with you if they have nothing to hide. Once you have them, follow up. Yes, that means calling and emailing their past clients for information.

But, your research does not stop with what their clients say. Ask questions and seek as much clarification as you need to. Be keen about how and the type of answers they give.

Final Thoughts

Use the pointers we have shared above when looking for a good lender. Your dream home is within reach. But, you need to find the right partner to walk the journey with you.

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