Finding The Right Mortgage Lender

When you're buying a home, you'll most likely need financing and as with anything you buy, it's wise to shop around for the right one.

You probably wouldn't buy the very first house you looked at; you'd look around at others to compare and see what's available. In the same vein, you should shop around for the right mortgage lender. Talk to at least three or four lenders. Remember: the best lender may not always have the best interest rate or get you the lowest payment. For example, if one of your needs was to save money by paying less in interest over the long term, you might choose a 15-year mortgage with a higher rate rather than a 30-year mortgage with a lower rate.

A Good Mortgage Lender Should:

	Ask lots of questions about your personal financial situation
	Be readily available to answer any and all questions you have
	Be committed to finding the most appropriate loan for you, not getting you into a "one size fits all" type of loan
	Never ask you to do anything that you feel uncomfortable with
	Return your calls and emails promptly

Tips on Finding a Lender:

Ask your friends and family which lenders they've used and what their experiences were like with their mortgage lenders. Find out who they would recommend.

Do your research. An easy way to research many mortgage companies is to go online; there are more lenders at your fingertips than you can count.

Visit each lender's Web site—see if they're offering you helpful information. Visit the Better Business Bureau's (BBB) Web site at www.bbb.org and find out what kind of reputation they have with the BBB.

The last and probably most important thing to remember is that you should look for a lender before you start shopping for a home. This may sound backwards, but it's actually a smart thing to do. If you get the mortgage process started before you shop for a house, it can make things easier. Quicken Loans offers a Power Buyer^® approval. The benefits to this are that you know exactly how much you can spend—there's no guesswork. Plus, once you're ready to make an offer on a house, you can make a firm offer, which gives your offer more weight and credibility over other offers.

Ultimately, the mortgage lender you choose should guide you through the entire mortgage process. The best lender must be one that is committed to taking care of your needs—one you're comfortable working with and one who will work to get you the best mortgage to fit your situation.

*With a Power Buyer^®, your loan will close as long as the property gets a satisfactory title and appraisal and your financial situation remains the same.