How to Select a Mortgage Company When Buying a Home

You’re ready to buy a home. The best first step is finding a mortgage lender who can help you get prequalified and preapproved. Buying a home is an important milestone in life. It can also be a frustrating and lengthy process. For these reasons, shopping for a mortgage loan should be about more than just finding the lowest interest rate. You want to work with a lender who not only offers the best deal but works hard to make sure you have a positive customer experience. So, where do you start?

Ask Around

Know a friend, family member, or coworker who recently purchased a home or purchased one in the past? Ask about their lender and the experience they had, starting with the application and throughout loan process. Start compiling a list of companies/loan officers that received two thumbs up.

Identify Your Needs

Would you prefer to work with a local contact or an online lender? The reality is, whether you work together online, in person, over the phone, virtually, or a combination, in today’s world, all types of lenders are easily accessible and responsive. It comes down to your personal preference and what you are most comfortable with.

Schedule a Meeting

Once you’ve compiled your list, it’s time to schedule meetings with the lenders. This is your opportunity to get answers to your key questions before you select and complete the mortgage application. Be sure and ask:

• What types of programs do they offer and their qualification requirements?
• How much down payment will you have to pay?
• What the interest rates are and can you lock in an interest rate?
• What part of the process will happen online and what will take place in person?
• How long will the process take?
• What fees and commissions do you charge?

Compare Pricing and Programs

Now that you’ve had the chance to learn about the different mortgage loan programs you can compare your offers. As you think about the pros and cons of each, be sure to include the fees, the interest rates, down payments, mortgage insurance, etc. before you make a selection.

Ready to Learn More?

Luxury Mortgage offers innovative mortgage products with a focus on helping you find the right solution for your needs. Our loan originators are ready to help weigh your options so you can make a well-informed decision. Simply call (888) 379-0303 or click the buttons below.

*Guidelines subject to change. Please contact Luxury Mortgage for the most up-to-date information. Additional conditions will apply.