How To Choose A Lender
Asking The Right Questions Can Help You Decide
Guidelines vary greatly from one bank or lender to another.
With the adaptation of loan underwriting and processing technology in the mortgage industry, and the various online lending platforms available to borrowers, it would make sense that lending guidelines be uniform and straight forward from one lender to the next. This however, is far from reality. Additionally, "overlays" are frequently added making guidelines and qualifying more stringent and convoluted, even when using the same programs and loan products, but with different lenders or banks.
Talk about brokers and loan officers.
Independant mortgage brokers have access to the largest number of lenders and can carefully match a borrower to the lender based upon the borrower's unique criteria for the loan.
Lender is the bank they are being matched with.
Lender guidelines also give you options
Loan officer tips
Your Loan Officer is the Bridge to Communication
What should you get your loan officer to communicate with you? 5 Tips for better communication with your loan officer. Tips For Keeping The Loan Process On Track.
Assessing your borrowing strengths and weaknesses, will deepen your understanding of your own individual circumstances, which in turn will help narrow and guide your search for a mortgage lender that is your perfect "fit".
Learn More
You will be working closely with your lender throughout the process, even if you applied online initially. Do you have a dedicated loan officer? Make sure this is someone you feel comfortable speaking with and is able to communicate with. The lender should be matched based on your borrower assessment profile