The internet can be useful when you’re looking for a mortgage. But when you’re dealing with online mortgage lenders, there’s a range between legitimate ones and those running small-time scams. This article will cover some tips for choosing the best online mortgage lender, including: knowing your credit score, using referrals and comparing mortgages.
Knowing your Credit Score
This will not allow you to put your feet up on the desk and demand the best terms, as one commercial suggests, but it will let you know where you stand. “Just because you have a 700 credit score doesn’t put the ball in your court,” says Donald Frommeyer, chief executive officer of the National Association of Mortgage Professionals and a loan originator at American Midwest Bank in Indianapolis. Source: money.USNews
Start by asking someone close in your universe that has recently gotten a mortgage; see if they can recommend their lender. Ask a financial adviser, an accountant, your attorney or your realtor to help you with a short list of lender referrals. These people deal with mortgage lenders regularly and can help you filter that continuum with the greatly disparate expertise and wherewithal and add real confidence to your decision. Source: Forbes
You don’t have to get your home loan from your closest bank. The best mortgages are available from a number of different mortgage lenders, whether it’s from a mortgage company, a credit union or a commercial bank.
You can search for the best mortgage rates online. Once you have several quotes in hand, compare all the costs and figure out which one makes the most financial sense for you. With your best mortgage quote in hand, you can go to a mortgage lender and use your quote as leverage to get a better deal.
You should also check with your mortgage lender or mortgage broker to see if buying points to lower your rate makes sense. This could be a good cost-saving move if you plan on living in the home for a long time. Source: NerdWallet
Gary Wong, MBA
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