How To Find The Best Mortgage Lender

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How To Find The Best Mortgage Lender

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Banks, online lenders, mortgage brokers, credit unions: you’ll have no problem finding a player to accept your mortgage application. The challenge is finding the best mortgage lender – for your needs, that is. Here’s everything you need to know about choosing the right mortgage lender for you.

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To find the perfect mortgage lender, you need to shop around. Research has shown that borrowers who compare the details of offers from at least three lenders save significantly more than those who go to the first institution they come across.

Before you start looking for a mortgage lender and applying for a loan, check your financial situation. This means checking your credit score and credit reports.

You’re eligible for a free credit report from the three major reporting bureaus (Experian, Equifax and TransUnion), which you can get through AnnualCreditReport.com.

If your score could use some work, first review your credit reports for errors, late payments, and delinquent accounts in collections. Fix everything that is wrong.

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Next, focus on large debt balances. Paying less than 30% of your available credit on each of your credit cards and making your payments on time is the best way to improve your score.

In addition to solid credit, lenders want to see if you can make the new mortgage payments, so they look at your debt-to-income ratio (DTI). This formula adds up all of your monthly debt and divides it by your gross monthly income to get the interest. Most lenders require a DTI ratio of less than 43 percent, although some loan programs allow as high as 50 percent. Avoid taking out new loans or making large purchases on your credit cards for at least three months before applying for a mortgage to keep your DTI rate manageable. You should follow this rule until you finalize your mortgage, as lenders can send you your credit report at any time before the application process is complete.

An important part of finding the right mortgage is determining how much house you can afford. Don’t assume this is the amount the lender wants you to be pre-approved for. Lenders determine the pre-approval amount based on your gross income, outstanding loans and revolving credit. However, they don’t factor other monthly payments — utilities, gas, day care, health insurance — into their calculations.

The result: A lender can give you a loan that stretches your budget, leaving room for unexpected or even expected expenses (like groceries) that impoverish your home. That would be a bad financial move.

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Consider these types of regular household expenses as well as your savings and investment goals to get a clearer idea of ​​what you can afford. Look at your monthly net income to calculate how much you need to spend on your mortgage payment.

The key to finding the best mortgage lender is to speak their language, including knowing the different types of mortgages.

“Traditionally, when it comes to getting a mortgage, most people’s first thoughts are going to the bank or needing a 20% down payment to buy a home,” says Matt Ishbia, president and CEO United Wholesale Mortgage. “It’s an old-fashioned way of thinking.”

A variety of financial institutions, from traditional brick and mortar banks to online mortgage companies, now offer home loans. Many lenders offer conventional loans as low as 3%. Don’t ignore the public sector: Some public housing finance agencies and some government-backed loans require no down payment or at least 3.5 percent. Consider FHA loans, USDA loans, and if you’re a veteran, consider VA loans.

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INSIGHT BOX: Keep in mind that if you put less than 20 percent down, many lenders will charge you a higher interest rate and require mortgage insurance.

It’s not the best idea to contact the first lender you talk to. A better idea: Shop the interest rates of each lender—banks, credit unions, online lenders and local independents—to find out what each one offers. When shopping, it’s worth comparing the following:

If you don’t buy, you’re leaving money on the table. Numerous studies by the Consumer Financial Protection Bureau and Freddie Mac have shown that comparison shopping can save thousands of borrowers over the life of a 30-year mortgage.

It is equally important to consider how the lender will react. Whether it’s online, via text, or in person, the methods of communication they offer should match your personal preferences.

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Getting pre-approved for a mortgage with three or four different lenders is the only way to know what size loan you can afford. With pre-approval, lenders will fully review your credit and finances.

Remember: Being pre-approved for a mortgage does not mean the money is guaranteed. This will not happen until you formally apply for a specific property and mortgage

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