You have spent months shopping the market for the perfect home, and now that you have found it, you might think that your shopping days are over, but in some ways, they are just beginning. Now comes the search for a mortgage company that understands your needs and can provide you with payment terms that fit your budget. Ask yourself these questions as you look for a mortgage broker.
Do they charge an inflated amount for points and fees?
The cost of a mortgage can be broken down into three segments, points, fees, and interest rate. Points are upfront fees paid to the lender and usually run you 1% of the total loan. Look out for companies that charge more than 1% or if you are short on a down payment, look for a company that will forego the point in exchange for a higher interest rate.
Do they provide good customer service?
In your search for a lender, make sure that customer service is a high priority. It is important that you find a mortgage broker that is willing to listen to you and quickly get back to you with the answer to any questions that you may have. You also want them to be quick with deadlines, as it is essential that the broker is able to meet your closing date. Ask around and then choose a lender with a good reputation that truly seems interested in finding the best mortgage for your needs, rather than the best mortgage for his pocketbook.
Do they offer assistance programs?
Find out if you qualify for any special programs designed to assist veterans, low income families, or first time homebuyers. If you fall into one of these categories, make sure you find a broker that offers programs that help you get the mortgage help that you need.
Try using one of ABC Loan Guides Recommended Florida Mortgage Lenders.
Finding a mortgage broker to finance your home can seem like a daunting task, but if you remember the guidelines above, you will be unlocking the door to your new house in no time.
