Finding the perfect mortgage lender can seem impossible. Lenders are widely available, and more seem to pop up every day. With a decision as significant as buying a home, it’s important to do as much preemptive research as possible. Familiarizing yourself with information now can prevent a number of headaches later.
Here are five things to keep in mind when selecting a mortgage lender who is right for you.
1. Beware of fancy titles.
Most bank and credit union employees are not required to be licensed to become a mortgage loan officer. It’s customary to promote a teller to a mortgage loan officer position.
Mark Greene, a veteran of the mortgage industry and contributor to Forbes.com, wrote about the beginning of his career in New Jersey. After working with the company for two years, he asked his sales manager about the requirements for becoming a senior loan officer. The manager smiled and said, “Congratulations! You’re now a senior loan officer!” Mark had new business cards within a week without any additional training.
2. Investigate the track record.
Information is empowering, especially when making such an important decision. Before signing any paperwork, check your lender’s rating with the Better Business Bureau. Ask family and friends who recently purchased a home about their experience. Reputable real estate agents can also give valuable recommendations.
3. Choose someone with experience, not luck.
An average of 1,860 mortgage brokerages opened each year during the refinance boom. These businesses rode the boom from 2003-2005 with some success despite their lack of experience. Don’t choose a lender simply because they show off a flashy portfolio.
4. Size matters.
If you prefer personal customer service and a lender who knows your name, you’ll enjoy working with a smaller mortgage company. The Fusaro Group can offer all that the giant, nationwide mortgage monopolies can. But you’ll never have to reintroduce yourself.
5. Ask about the neighborhood.
Before establishing the Fusaro Group, Andrew Fusaro, worked as a real estate agent in Northern Virginia and the Shenandoah Valley. The Fusaro Group remains committed to understanding and explaining the fine details of this community.
The journey to your dream can be easier with the right lender. Choosing a mortgage lender is a decision with long-term effects, so don’t rush the process. We’re here to talk about any of your questions or concerns! And we look forward to helping you on your way home.