How to Choose the Right Mortgage Lender
When it comes to buying a home, there are dozens of decisions you will need to make along the way. What neighborhood do you want to live in? How big of a house can you afford? When is the right time to buy? However, the first, and most important, decision you’ll make is your choice of a mortgage lender.
As an appraiser with more than 35 years in the industry, Steve Smith, founder of Honor Mortgage Solutions, has seen it all, the good, the bad, and the ugly. Today, Steve is breaking down his top tips for choosing the right mortgage lender.
Ask for referrals and evaluate their experience.
While it is possible to have a good experience with a lender who is brand new to the industry, this decision may also come with a lot of risk. Instead, look for someone with a tenured history of experience in the mortgage space who truly understands the industry and your options as a buyer. A lender with a rich knowledge of the mortgage space can help you navigate complex situations, avoid potential issues, and overall, ensure a smooth, stress-free experience for you.
2. Make sure you “click” before making the decision to hire the lender.
This is going to be someone you will be spending a good deal of time communicating with over the next few weeks, The last thing you need is to hire someone who adds more stress to your plate. Instead, try to find a lender whose values align with your own. For Honor Mortage Solutions, honesty, integrity, and customization will always be central to the experience of our clients. We will never make false promises or set expectations that we cannot meet. Our commitment will always be to ensuring our clients receive the highest level of service and get the best possible loan for their circumstances and situations.
3. Verify that your lender specializes in your unique situation.
Every buyer is unique, so the solutions and loan options your lender is able to offer should be unique as well. The best lenders offer flexibility and variability when it comes to loan options, ensuring your financial and homeownership goals are met. Honor Mortgage Solutions specializes in working with clients in unique citations, from first homebuyers to veterans, physicians, and luxury purchasers, we offer a wide range of loan products and can properly advise you on t the best loan option/structure for your unique situation. For example, veterans may qualify for a VA loan. This is a special loan program offered by The Department of Veterans Affairs (VA) to help servicemembers, veterans, and their families buy homes. Similarly, a physician loan or “doctor loan” is a mortgage specifically for medical professionals that usually doesn't require a down payment. With other loan types, lenders often want borrowers to pay private mortgage insurance (PMI) if they're making a down payment of less than 20%. These are just two of the dozens of unique scenarios and situations that Honor Mortgage Solutions is equipped to advise on.
If buying a home is in your plans for 2025, don’t delay in choosing the right lender for your goals. Take advantage of our FREE Mortgage Calculator today to see what you may qualify for, and give us a call when you’re ready to get started.