The process of buying a home in Vermont or New Hampshire can be overwhelming to say the least. You have to choose a real estate agent, choose a home you love that you can also afford, make an offer that is accepted and get the financing necessary to make it all happen. But finding the best mortgage lender in your area isn’t always easy.
Far too many people start looking for New Hampshire mortgage lenders much too late in the process and once they’ve found their dream home they are in a hurry to close. In order to make the home buying process as easy as possible follow these 4 tips:
Ask Around – Real estate agents and former clients are the best people to recommend a New Hampshire mortgage lender. Friends and family can share personal experiences while a real estate agent has seen countless mortgages close and will suggest the most professional options out there.
Search The Internet – A reputable mortgage lender will have a quality website with information on their lending programs. You should also be able to find reviews of their services on various review sites. Checking the online reputation of your lender is an important step to finding the best mortgage lender.
Compare Rates AND Fees – People are very hung up on the interest rates offered by a lender. There is no question that rates are important but most reputable lenders in your area will offer competitive rates. It’s the closing costs and other fees that you want to pay attention to. This is where lenders stand out. Hidden fees are a major part of the mortgage business and the only way to find out about these fees early is to get a Good Faith Estimate from every lender you are considering.
Start Early – When you know you are ready to start the home buying process you should make it your first priority to sit down with a few mortgage lenders in your area and request Good Faith Estimates. They will run your credit and analyze your income and debt and help you determine how much you can afford to spend on a house. Getting this estimate done early gives you the opportunity to compare closing costs and interest rates among lenders.
Far too often we see borrowers so excited about the prospect of buying a home that they go with the first lender they talk to or their New Hampshire Bank. There is nothing wrong with this method but shopping mortgage lenders will get you the best rates, lowest fees and probably the best service.