The Best Way to Choose a Lender

Posted by Kurtis Forster on May 8, 2020 9:00:00 AM

how to choose a lender

Buying a home is a fun and exciting time, filled with new experiences and a lot of knowledge to be gained. Choosing a lender is a necessary piece of the home buying puzzle, and there are some key things you should consider when doing so. You don’t want your choice of lender to result in any deal killers that could prevent you from your dream home.  

 

Experience

Choosing a lender with years of experience, a solid reputation, and a long list of happy clients is a great place to start when you begin your search. Checking out reviews, asking your friends and family for recommendations, or meeting with several different lenders are great strategies to use. An experienced lender will build your trust, won’t overcharge you, and will provide an excellent customer experience. 

 

Rates & Products

Getting the best interest rate is important in deciding which lender to choose, and can sometimes be the deciding factor. The lower the interest rate, the less you end up paying for your home, so you want to ensure you’re locking into something that you can comfortably afford. There are numerous factors in deciding your rate, including your credit score, but your lender should be priced competitively. 

 

Their Availability & Customer Service

Trust your intuition. If you can never get a response from them, you don’t feel like a valued customer, or you have difficulty believing they’re 100% honest with you, you probably don’t want to choose them.

 

Flexibility

Sometimes in life, we fall on hard times. It’s crucial to find out from the get-go how flexible your lender will be if you need to miss a payment, lose your job, or something else happens. If something fantastic happens, and you’re able to pay off your mortgage ten years early, you will want to know if a penalty will follow that, and how much it will be. 

 

Doing some research before choosing your next lender could make all the difference in your home buying journey. 

Kurtis-Forster-Team-Forster-LG

Kurtis Forster is a real estate agent for Team Forster in London, Ontario. He brings a wealth of knowledge and expertise about buying and selling real estate.

 

 

Sources:

https://www.talk-business.co.uk/2018/01/26/loans-lending-5-things-consider-choosing-lender/

https://www.castlecookemortgage.com/blog/4-things-consider-choosing-mortgage-lender/

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