Many prospective homeowners seem to think that mortgage providers are doing them an enormous favor by taking them on and lending them the money to buy a house. And while it’s true that some people have credit issues or lower than ideal income, keep in mind that mortgage providers need your business to stay in business.
There is competition out there, and you usually don’t have to jump at the very first opportunity that comes along. Take a little time and find the right mortgage provider for you and your family.
1. Figure Out What Is “Right”
Since the word “right” can mean a lot of different things to different people, it’s wise to figure out what it means to you before you start looking. Do you want someone who is assertive, laid back, well-seasoned, well-respected, available 24 hours a day, an individual, part of a big company?
There are many factors to consider, some personal, some professional, so if you put together a list of what’s right for you it’ll make your job easier.
2. Ask Your Real Estate Agent
Chances are you will hook up with a real estate agent before you go looking for a mortgage provider, so make sure you take advantage of their expertise. If you have an agent who has been around for awhile and is ingrained in the real estate industry they will likely have contacts and connections in all aspects of home buying.
Of course, if they work for an agency that has its own in-house lenders, you may just be directed to them, so pay attention. If you let your agent in on your list of requirements, he or she will know where to look and may be able to help you find exactly what you need.
3. Look Over the Track Record
Jumping at any lender that agrees to provide you with a mortgage isn’t necessarily the best way to go. Try to get a look at their service record and how they’ve performed in the community. A long list of happy clients and successful mortgages is a great signal for you that they will deal with you fairly and will give you what you need.
4. Are They Connected?
Mortgage providers who are connected to various professional organizations show that they take their place in the industry seriously and they aren’t trying to hide anything from you. They still might not be the right ones for you for other reasons, but if they are associated with respected professional associations, it’s a good start.
5. What Do Others Say?
Naturally, it’s not always a great idea to take actions based on what other people say, but online reviews and opinions on social media do have their place. This includes testimonials, forums and various review sites that contain details and information you might not be able to find otherwise.
When you combine all of these methods and techniques, you should be able to find a mortgage provider that will give you precisely what you need.
The author of the article is Jeremy Benson. He has been writing about finance, mortgage and Canadian law since 7 years. Blogging is one among his greatest passions. Follow him on Twitter@jeremybenson19.