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How to choose a mortgage lender

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Mortgage Consultants Group
How to choose a mortgage lender

When you're ready to buy a home, one of the most important decisions you'll make is choosing the right mortgage lender. There are many factors to consider when choosing a mortgage lender. But if you take the time to do your research and ask the right questions, you can find a lender that's a good fit for you.


Here are some things to consider when searching for a mortgage lender near me:


  • Fees


Some mortgage lenders charge a fee for processing your loan based on the amount of money they loan you. It's important to understand how these fees are calculated because they're often presented as a percentage of the total loan amount. For example, 10-15% may seem like a small fee, but if you're borrowing $100,000, it could be enough to tip the scales in favor of one lender over another. If it sounds like a lot of money, ask what it would cost to pay this money directly to the lender instead of having it deducted from their income.


  • Loan repayment terms


The amount of money you borrow will have a direct bearing on how much your mortgage payments will be. Understand that there are different types of mortgages available, depending on the needs and preferences of the borrower. Ask if the lender has any loans with different repayment terms so you can compare them and choose one that's right for your situation.


  • Mortgage products offered by the lender


The type of mortgage product you choose can affect your ability to make payments, particularly if rates change or if you have to sell or refinance your home in the future. When selecting a lender, ask them what type of mortgage they offer and find out which payment products they offer. Ask if they offer shorter-term, fixed-rate loans or longer-term, variable-rate loans.


  • Consumer protection and fair market practices


It's well worth checking out any complaint procedures that are in place with the lender and their lending partners because they could affect your ability to get a loan if they're not up to speed with changing regulations or unfair lending practices. Some agencies have built their reputations on being advocates for consumers, so make sure they practice what they preach.


  • Mortgage Insurance


Ask the lender if they offer any mortgage insurance products. This can come in handy if you want to take out a loan that's more than 80% of the value of your home or if you're a first-time homebuyer. Mortgage insurance is generally calculated as a percentage of your loan and pays off the loan in case you default on payments, and it protects the lender if they have to sell your house because you can't keep up with payments.


  • Customer service


When it comes to buying a home and securing a mortgage, there's no room for mistakes. Make sure you ask about how responsive and attentive their customer service is so that you know exactly what to expect throughout the buying process.


When you're ready to choose a lender, don't get discouraged. Take your time to find a lender that fits your needs, and you'll be able to make an informed decision that will lead to the best possible outcome. 






Mortgage Consultants Group

2200 Sunrise Blvd #168, Rancho Cordova, CA, 95670

(916) 669-1682


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