Mortgage lending is a competitive business. If you have a good credit score and looking to get financing for your home, you will find quite a few of them online telling you they are the best Utah mortgage lender for your money. However, it is not a choice you should make lightly.
A mortgage will stay with you for many years. You want a mortgage lender that can give you what you need under the best possible conditions. Here are three tips for finding the best one for you.
Ask your real estate agent
Most real estate agents have insider information about the best mortgage lenders in their area. They may recommend their in-house lenders as well as others outside their network. They are most likely to recommend a lender that will close the deal with an attractive offer, so you will not get any dead ends. Once you have the names of two or three lenders get in touch with them.
Mention that the agent had recommended them. They usually safeguard this profitable relationship by taking special care of clients that come from a real estate agent. This could get you some great discounts on closing costs and better interest rates.
Find a local lender
Location is not a big deal when it comes to getting a mortgage. However, it is important for timely communications and coordination. A local lender is most likely to have working relationships with key people you need for your mortgage, such as appraisers. You can also more easily get in touch with a lender in the same time zone if you have any questions or requests. This can be a big advantage if you are competing with other people for the same home, or have other tight deadlines to meet.
You have to do your research into a mortgage lender. You can use your agent’s recommendations as a starting point, but you need to check the lender’s reputation to make sure you are dealing with a reputable company. This is another advantage of choosing a local lender. You do not have to rely on online reviews, which may be faked. You can more easily find and interview people with whom the lender has done business. This can be very helpful in your decision.
Finding the best Utah mortgage lender for you is a major decision. These tips can help you make a right decision in doing that.