Mortgage Lenders

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Choosing the Right mortgage lenders and how to Avoid the Bad Ones

How do you go about choosing the right mortgage lender? For some it's easy, you've already worked with one or one came highly recommended by a friend. For the rest of us however, those of us who have had a bad experience or never used mortgage lenders before, choosing a mortgage lender can be a daunting experience. You've heard the stories and you don't want to fall victim to being severely overcharged by your mortgage lenders. The best advice is to go with your gut and ask a lot of questions.

What questions can I ask the mortgage lenders to make sure I choose the right one?

You'll want to ask questions like how much is the loan costing and how much you will be required to come up with when your loan closes. The most important thing is to find out how much the loan is costing you and an honest mortgage lenders would be happy to disclose the information.

When do I know the mortgage lender is not the right one?

Really, you will know if you feel like you are getting the runaround you probably have found the wrong lender. On the other hand, don't mistake needing to ask a lot of questions for the runaround. If it is your first time buying a home, you will want to ask your mortgage lenders a lot of questions and this is perfectly reasonable. You may feel like you are asking the same questions over and over again, but that's ok, keep asking until you fully understand the process. Mortgages are expensive, so it's best to find the right mortgage lenders the first time so you have the best experience possible and the lowest price tag possible.

I've been to three lenders and none of them seem like the right one, what do I do?

Keep in mind that a mortgage lenders works on a commission basis only. This means that they only make money when your loan closes, so jumping from one lender to another is not the best way to conduct business. A mortgage lenders wants your business forever, so when you find one willing to stick their neck out for you and spend the time you need discussing the loan, you should stick with them because you've found the right lender.