You have several options when it comes to choosing a mortgage lender. Banks, credit unions, and online lenders all offer mortgages directly, while mortgage brokers and online research tools help you compare options from different lenders.
It’s important to make sure you feel comfortable with the broker or company you’re working with, as you’ll need to communicate with them frequently during the application process and, in some cases, after the loan is closed.
You may want to start with banks or other institutions where you already have accounts, if you like their service. Also ask your network of friends and family, and any real estate professionals you work with, for referrals. However, be aware that as rates go up, it is important to lock in the lowest possible rate and keep reviewing it. Many borrowers stop shopping once they get a loan and end up paying a “loyalty tax”: that is, because they don’t pressure their bank to drop their rate based on introductory offers, they end up paying a lot more than they need.
The advice and information provided by ForbesAdvisor is general in nature and is not intended to replace independent financial advice. ForbesAdvisor encourages readers to seek expert advice regarding their own financial decisions.