How to Find A Mortgage Lender
Planning on buying a home in Southern California, or elsewhere in the United States? If so, besides choosing a great Real Estate Agent, one of the essential steps to purchasing a home is finding the right mortgage lender.
This step is necessary because you should be pre-approved for a mortgage loan before you actually start shopping for a home.
Pre-approval is important because you want to know how much home you can actually afford without making the mistake of attempting to purchase a home that’s out of your budget.
Before starting your search for a mortgage lender, make sure that you know your FICO score and including your credit history. This information will be scrutinized by a lender when you apply for a mortgage loan.
Don’t be discouraged if your credit score is under 700, some lenders will work with you if your score is as low as 580, although you will be required to pay mortgage insurance.
Tips for Finding A Mortgage Lender
To find a mortgage lender all you have to do is speak with a representative from the existing bank that you are currently with, obtain a referral from a direct lender, or speak with a friend or family member about the mortgage broker that they used when they purchased their home.
Don’t Hesitate to Ask A Real Estate Professional
Besides following one of the suggestions above, you should also speak with a Real Estate broker, like the Fred Sed Group, because most brokers work closely with their own mortgage lender that they’ve formed a relationship with over the years and refer their clients too.
Things to Know Before Choosing A Mortgage Lender
Thanks to the Internet, every home buyer has access to a wide variety of mortgage lenders in Southern California, and across the United States but before choosing just anyone, you have to make sure that they are reputable and have feedback from their former clients online.
Some other things to consider when choosing a mortgage lender include:
- Do they offer Government-backed loans like FHA, USDA, or HUD?
- If you’re a first-time homebuyer, do they offer a first-time homebuyer program?
In the end when it comes to choosing a mortgage lender what really matters the most is choosing a company or individual who can offer you the best interest rates.
Contact the Fred Sed Group
If we can assist you in any way when it comes to referring you to a mortgage lender or helping you find a home for sale in Southern California, contact us 7-days-a-week by calling (800) 921-9231 or connect with us online.