You’re not likely to buy the first home you look at, so why go with the first lender you meet or agree to the first loan offer you receive? Financing your home is a critical step in the buying process— the better your loan terms, the more you’ll save for future home improvements and recreation. Take your time while searching for the right lender and loan product. 

Picking Your Lender

Your relationship with your lender is as important as the one with your realtor. Find somebody who you communicate easily with, someone who listens to your requests and demonstrates an earnest effort in meeting them. 

But how do you choose such a person? After all, you might have several options to pick from. Maybe you have a friend who knows someone— or maybe you ran a Google search and found a lender with loads of 5-star reviews, and right below that listing is another for a lender who’s been in business for 30 years. Go ahead and meet with all three.

Talking to multiple lenders is the easiest way to find the right person for you. You’ll also be able to identify if anyone is holding back on loan terms in favor of their paycheck— or whether you’re potentially being discriminated against. Don’t be too quick to sign off on a spectacular offer, though. Anything that seems too good to be true should be carefully scrutinized.

Picking Your Mortgage

You’ve found a lender who listens to your needs. Great. Now it’s time to iron out the details. Maybe you want to make a lower down payment, or you’re looking for extra financing to cover upgrades you’ll handle before moving in. Perhaps you’re looking for a reverse mortgage to ensure you have financial security throughout these important retirement years.

Whatever is most important to you, don’t stop asking questions until you’re ready to make an informed decision. Don’t burden yourself with high-interest rates or surprise balloon payments simply because you feel the need to expedite the process. Choose your loan like you chose your home: carefully and based on your lifestyle preferences and budgetary restrictions.

Consider these two tips: Getting the best bottom line at closing can still cost more down the road, and the lowest interest rates might not always be the best fit in the long term. Ultimately, you don’t want to discover foundational issues in your mortgage after you’ve moved in, which are far more difficult to fix than any physical issues with your new home.

We’re Here to Help

We at Open Mortgage have experienced agents who are eager to walk you through every step of the home financing process. Visit OpenMortgage.com for more information on how to contact us. We hope to hear from you soon.

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