• Phone: (714) 420-1997
    Email: vlong@uamco.com

  • 5 Simple Strategies to Find the Right Mortgage Lender

    October 3, 2016
  • It can be a stressful experience to choose a mortgage lender, and many homeowners lose sleep in this decision-making process. How do you know which lender you should be working with? Here are five easy tips that can be used to find the right match:

    1. Understand Your OptionsFind the Right Mortgage Lender

    Do you know all of the places that you can go to get a mortgage? There are many options out there, including banks, correspondent lenders, mortgage bankers, and credit unions.

    2. Compare Mortgage Rates

    As you are looking at your choices, compare the rates that will be offered by each lender. The goal is to find the lowest rate available. A low-interest rate will minimize your monthly payment and decrease the amount that you pay in interest costs over the course of the loan.

    3. Fix Your Credit Score

    With a bad credit score, your options will be limited. Mortgage lenders want to loan money to people who are a safe risk. By meeting specific credit score requirements, more lenders will be interested in working with you. As a result, you will be able to pick the lender that you like instead of being limited in your choices.

    4. Talk to the Lenders

    Before starting the application process, take some time to talk to the lender that you are considering. Find out about their preferred communication methods, fees that will be added onto the loan, turnaround times for loan approval and closing, and the amount that you need to bring for a down payment. If the terms don’t match your preferences, then you might be able to talk to another lender to find a different solution.

    5. Read the Loan Paperwork

    Check the fine print on the loan documents to look for important details. Two sections you should inspect include the Closing Disclosure and Loan Estimate. This information will provide the financing terms so that you know all of the costs involved. In addition to interest accrual, you might also find transaction fees, loan origination fees, and closing costs.

    United American Mortgage Corporation can help! We are dialed into the trends in the market, helping our customers get the lowest interest rates possible. Contact our experienced team right away to learn more about the options that are available for your loan: (714) 420-1997