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What to Look for in a Mortgage Lender

What to Look for in a Mortgage Lender

It used to be that homebuyers went to a reputable bank and sat down with the institution’s loan officer to get a mortgage. It was personal, credible and you knew who you were dealing with. Since the housing market crash and people found out about unscrupulous lending practices, you need to be careful about which company you choose. For many of us, a long-term home mortgage will be our largest investment. At Midland Mortgage, we understand that you will have questions and concerns, and we are here to help you.

Once you have gotten your credit score and made an accounting of your cash and assets, consider these things when selecting a mortgage lender.

Mortgage Brokers

Hiring a broker is an investment that can save you a considerable amount of time. On the other hand, brokers turn a profit by negotiating deals between mortgage companies and home buyers. Bigger deals may mean larger profits for them. So, it’s important that you have confidence in a broker’s integrity.

Type of Lender

Buying a home isn’t just business; It’s deeply personal. It’s where you and your family plan to live and grow. Some people prefer working with small companies that know you by name. Take a look at the differences between large and small outfits and decide what makes you feel comfortable.

Ask Your Real Estate Agent

Real estate professionals work in the property industry day in and day out. They come in contact with many different lenders. They also network with other agents and talk shop. Because real estate agents work on the front lines, they often have an inside track on the best companies and people to work with.

Reputation

Most reputable companies are members of vetting organizations such as the Better Business Bureau. And, with the enormous amount of online company reviews, a simple Google search can pull up consumer ratings and anecdotal information about lenders.

At Midland Mortgage, our lending professionals work closely with home buyers and homeowners to secure a loan that fits your individual needs. We encourage you to contact us for more information or with any questions you may have. You can also schedule an appointment with us. We look forward to working with you.

Posted Jan 18, 2017 by Midland Mortgage Corporation