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Choosing a Mortgage Lender
Posted: Sep 16, 2015
There are many mortgage lenders all over the place. Their primary goal is to make your dream come true; this dream is home ownership. There are many mortgage lenders in Massachusetts. Mortgage lenders will work hard to help you finance the purchase of your new house.
Purchasing your own home is one of the biggest decisions of a lifetime. Of course, no one wants to make a mistake. Therefore, it is important to choose the right mortgage lender carefully.
Choosing the Right Lender
The mortgage industry has witnessed significant growth over the last few years. However, the last decade has also witnessed countless foreclosures. There is also a short sale crisis. People may tend to blame mortgage lenders for this crisis. Therefore, for many,the term "loan officer" often turns them off. However, this is not true. Mortgage lenders are actually the gateway to a home loan for all aspiring homeowners.
It is important to find the right mortgage lenders for your needs. It can be difficult to find the right mortgage lender in the crowd, as the mortgage industry is very competitive.
Here are a few traits to look for when you are trying to find the right mortgage lender.
- Commonly, experience would be the most important trait. However, creativity trumps experience in this field. The mortgage world is surrounded with innumerable regulations and guidelines. A
Every loan is different, and the hurdles you have to jump over can seem innumerable. A creative loan officer will be able to find a way to smooth the bumps in the road ahead.
- Competent mortgage lenders will be responsive to client needs. Responsiveness is an essential trait in this difficult competition. You must be able to reach the loan officer with any queries, doubts or issues. The right lender will understand your issues and respond positively to them.
- It is important to ensure that the mortgage lender is licensed.
- Check to see if the lender belongs to a reputed association for his industry. If a mortgage lender is a member of an industry association, then the lender has to comply with a certain code of conduct and high educational standards.
- Applying for a loan can be a tedious and daunting process. However, the process can become much less daunting when the lender is an excellent communicator. The right lender will keep you updated with all of the necessary information.
- There is no point for a lender to hide anything from the borrower. Honest mortgage lenders are always a welcome addition when you are searching for the right loan. It is advisable to choose a lender who reveals all the costs upfront; this includes commissions, service fees and any other fee details.
- It is important to choose a customer-centric mortgage lender. This way, you will know that customer service is one of their top priorities.
There are many MA banks with free checking accounts, but at Dedham Savings you can get the one of the best free checking accounts around. Our account comes with free telephone banking, mobile banking etc.