You’re a first-time home buyer trying to find the right lender for your home, but you have no idea where to start. Finding the best lender for a home mortgage loan can be difficult to navigate. Figuring out who to “shop” with can be the difference between getting preapproved or being set back in your home search.
Who Do You Shop With for Home Mortgage Loans?
- Credit unions: Local to you
- Brokers: Certified and generally pre-qualify you
- Big banks/lenders: Interest rates, banking experiences, and positive reviews
What Questions Should You Ask?
Researching potential home mortgage lenders takes work, but you’ll be able to ask the right questions in doing so. Here are some basic questions to ask as you approach potential home mortgage loans in your search.
- What are your turn times for getting me approved?
- What are your Section A fees?
- Who will be my main contact throughout the process? Will I have access to them as needed?
- Will they patiently walk me through the process or lose me along the way?
Warning Signs to Avoid
Lastly, keep in mind some warning signs while searching for the right person to provide home mortgage loans.
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- Quoted rates with little to no additional information provided
- Complete cost breakdown not available
- Longer than a 24-hour response time
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