A very important part of purchasing a home is finding the right lender. Listed below are some characteristics you should look for when choosing a lender. Also, things you should not do when choosing a lender.
Questions to ask while shopping for a lender
What is his/her reputation within the community?
How many loans do they close each year?
Is the company well known in the area?
How long has the company been in business?
Does the lender have access to a wide variety of loan packages?
Can the interest rates be locked in, and for how long?
What not to do when shopping for a lender
Do not call around asking for interest rate quotes.
Rate quotes over the phone are rarely locked prices. This is one way the lender gets you to come to his office. Rates can be subject to changes unless they are predeterminded for a specific period of time.
Interest rates can change daily. A quote you get today may not be available tomorrow.
The interest rate you are quoted over the phone may not be a program that will fit your needs or situation.