Getting Financed
How to Pick Your Lender!
There was a time when most homebuyers obtained their mortgage loans through their banks or credit unions. Today, however, there are a number of additional home-financing providers.
We at Bouwman Realty would be happy to assist you in finding a lender who will best work with you and has a program that fits your needs. We deal with lenders regularly and enjoy assisting our clients through the mortgage/loan process. We believe we can add real confidence to your final decision when choosing a lender.
Other good sources are asking those close to you that have recently gotten a mortgage, see if they can recommend their lender. Ask your financial adviser, accountant, or attorney. Search the internet and thoroughly investigate offerings for details.
One of the best places still, to find a mortgage lender you can trust is through your financial institution. Most banks and credit unions have a mortgage division. Having a working history with the lender is helpful, especially for those with less than perfect or no credit history. Some banks offer incentives to their customers, such as a lower interest rate.
Ask if they can explain in language you understand what each option means for you, not just today but for the long term. You also need to find someone who will agree to set expectations upfront, including how long the loan process will take, how often you’ll communicate and how you’ll communicate — such as by email or phone.
Choosing the Right Lender!
A good lender can qualify you for a loan and offer advice on ways to improve your credit and should talk to you about mortgage payments in context with the rest of your financial plan. He or she should possess the ability to explain things clearly and return your phone calls in a reasonable time period.
You don’t have to apply for a loan to ask questions. You can find out a lot by simply calling to ask about loan programs. If the loan officer is hard to reach or gives you a hard sell, you may not want to work with
that lender.
Choosing the Right Kind of Loan!
There are many types of loans/mortgages on the market that it is beyond the scope of this page to list or explain them all. Your lender is the best person to help you select a loan/mortgage program which meets your needs. Below is a summary of the most popular loan/ mortgages; for more detailed information click the links below.
