It is nearly impossible to log onto the Internet or turn on the television without seeing an advertisement for one or another home loan lender.
In addition to the lenders are those offering second mortgages, refinancing, home equity loans, and a host of other loans that are willing and perfectly happy to use your home as security for the benefit of loaning you their money.
The truth is that ninety percent of the companies you see are legitimate businesses the ugly truth is that there are those who engage in predatory lending practices.
You need to make sure that you are aware of what you truly can and cannot afford to pay each month and over the course of many years before talking to any lender.
It is becoming common practice for people to want more house than they can realistically afford.
People want bigger, better, newer, and more than their budgets will allow and banks over the last decade have been happy to offer all kinds of loans that will help people get into these dream homes, the problem is that eventually, the real world catches up and people realize all too late that they can’t really afford the higher utility costs in addition to the mortgages, or the honeymoon period ends for adjustable rate mortgages and homeowners find they simply cannot make the higher payments.
If there is any doubt about the truth of that, take a look at the record numbers of foreclosures around the country.
You need to make sure that you choose a company that will listen to your short term and long-term financial goals and give you advice and suggestions on how the particular mortgage they offer can assist you in achieving those goals. Don’t choose the first one you find in the phone book or the one that your friend’s mother’s cousin’s brother recommends.
Talk to several different providers and select the one that you not only have the best sense of rapport with but also that you feel will actually go to the mat for you and your mortgage needs.
Mortgage lenders are a dime a dozen, but they are not all created equal and it’s important that you remember that while they work for the mortgage company or lender they represent, they are also working for you.
Ask yourself if they return your calls quickly and answer your questions completely and efficiently. This is not to say that they are on call 24 hours a day for you, they have lives too, but common professional courtesy would be a returned phone call within 24 hours.
Be sure you ask all the questions you have and feel comfortable with a particular lender before signing anything. If a lender pressures you to sign any papers before you are ready, find another one.
You should never feel pressured into choosing a lender and you should never feel threatened, if one ща еруь is willing to work with you, chances are there is another. Taking the time to find the right mortgage lender for you can save time, money, and grief in the long run.