If you are thinking of refinancing your home, then you need to find a reputable a mortgage company. Choosing the right one is a big decision because not all mortgage companies are the same. Here are five tips to help you find the best one for you.
Decide: Local or National Lender
Do you want to work with a small local mortgage company or a large national one with offices in many states? A smaller company will most likely get to know you and offer more personalized customer service, while a large company will never really know you but might be able to offer better terms.
Check Online Reviews
Nearly every company today has online reviews, either on Yelp or Google or Facebook. Check these out before committing to any lender. Most businesses receive some negative reviews, but a reputable company should have many more positive reviews than negative ones.
A company like Bank Rate lists loan rates for a wide range of mortgage companies. Many lenders also list their rates on their individual website. Remember that these rates are just a starting point. A mortgage company will need to pull your credit report to determine the rate that it will actually charge you.
Once you have a list of mortgage companies that look like they might be a good fit, then it is time to contact them and ask questions. These include:
- How much of a down payment is required?
- What fees will you charge me? Are they paid upfront or rolled into the loan?
- How long is the entire process, from pre-approval to closing?
- How fast do you respond to questions and concerns?
Respect Your First Impressions
A mortgage company might have a stellar reputation and great rates, but if the person you talk to on the phone or meet with in person is not courteous or particularly interested in gaining your business, then it is probably best to keep looking for another company. Refinancing a mortgage loan is a big undertaking. You want to work with a company that listens to you and is happy to help guide you through the lending process.
If you are refinancing, it is tempting to go with whatever company advertises on the radio or pops up on your Facebook page. But by first deciding what kind of lender you want to work with, checking online reviews, comparing rates, asking the right questions and following your instincts, you will choose the best lender for your situation. If you have questions, please contact us. Our team is standing by and looks forward to hearing from you.