Finding A Mortgage Lender

Here are some tips to help you find a mortgage lender. These methods are not ranked in any particular order. However, the Consumer Financial Protection Bureau (CFBP), a federal agency regulating mortgage lending, regularly surveys consumers about how they shop for mortgages.

Online

This allows you to see real-time rates and read detailed lender reviews before contacting a lender. You can then establish a level of comfort with rate markets, lender brands, and your contact information before contacting a particular lender.

Real Estate Agents And Builders

Although it is always better to get pre-approved by a lender before you begin shopping for homes, it is common for people to meet with a realty agent or builder to learn more about their local market before talking to any lenders. The agent or builder will likely refer you to a lender that they are familiar with. This is a reliable way to get introduced to great lenders as long as you build a strong relationship with your agent. Strong relationships with local lenders are essential for builders and agents who are trustworthy.

Financial Planners

Good, reliable financial planners also maintain strong relationships with lenders to ensure their clients' local property needs can be met. For example, your financial advisor may be associated with a large company that has a mortgage division. They will likely refer you to them without obligation. If this is true, make sure that the referral benefits you by being local lending professional with competitive rates, a quick process, and not fulfilling an internal requirement for your advisor.

Your Bank

It is often very simple and easy to obtain a mortgage from your bank. This consolidates all your online accounts. However, not all banks are equally adept at mortgages. This is true for both rate competitiveness and the ability to close on schedule. It's easy to answer the rate question by getting a quote, comparing it with what you see online. To answer these questions, you will need to speak to your bank. You can ask your agent if they are a licensed real estate agent. They can also help you with the most pressing questions for local lenders.

Families, Friends, And Colleagues

This is a great way to find a reliable lender. It is likely that your friends, family, and colleagues will have strong opinions about all service providers, no matter how good or poor. Ask for recommendations from your family and friends if you are looking to finance or buy a home.