Three Tips for Choosing a Mortgage Lender



When making life’s biggest decisions, you always want to have options.  Options allow us to take control of the decision.  An absence of options takes the control of the decision out of your hands.  But the presence of many options allows you to control your own destiny.  And while we all want to be in a situation where we are in control, it can become a burden to make sure the right decision is made.  How can you make sure that you’ve made the right decision?

Purchasing a home can be one of the biggest purchase decisions you will make in a lifetime.  And choosing the people that will help guide you through the home-buying process will make the difference in your home-buying experience.  You want someone who will truly partner with you in the home loan process and not someone just looking for their next application. 

Here are some tips to help you find the best mortgage lender for your big life decision:

  • Be concerned with the “why”. One of the most dreaded questions your toddler can ask over and over and over again is “why.”  But this is exactly what you should be concerned with when choosing a mortgage lender.  Most people are only concerned with the rates and fees associated with a mortgage.  But these things are only “what” a mortgage lender offers you.  It has nothing to do with “why” they offer it to you.  If a mortgage lender is more concerned about just getting another application in the pipeline, they are not acting as a true partner in this process.  But if you can find a lender who is more concerned about why they are there, and not what they have to offer, you will find a true partner in this process that will make this experience better than you could have imagined.  And I would be willing to say that if you find a lender that is more concerned about the “why”, you will get the “what” that comes along with that.
  • Ask questions and set expectations. The mortgage process can definitely be confusing to say the least--especially to consumers who only purchase a home every 10 years or so.  So don’t be scared to ask questions.  One of the biggest things that will help you have a great mortgage experience is to have a large trust and comfort level with your mortgage lender.  You cannot accomplish this if you don’t ask questions about the things you don’t understand.  Also, try and obtain expectations from your lender so you know what is being done and how quickly it should get accomplished.  Getting your questions answered and having a timeline of expectations from your lender, and of yourself, is a huge step in having that trust and comfort level you need.  And if you find a lender who isn’t interested in answering your questions or doesn’t want to commit to expectations, I would ask you to read the first point again.
  • Find a lender who talks the way you talk. I don’t necessarily mean speech on this point.  My point is mainly to find someone that communicates effectively with you and communicates how you want to communicate.  If you do not like communicating with technology, such as online applications or email, then be sure to find a lender that understands what you want and will communicate with you effectively in that manner.  If you prefer to do everything on your own timeline and online, then find a lender that has made it a point to make those lines of communication available for you.  No matter which preference you have, you just need to make sure you find a lender who values communication as much as you need to.  You can get the best deal, but if your lender doesn’t communicate with you during the process, your overall experience will suffer drastically.

I hope these three simple steps will help you find the right lender for you when purchasing a home and that your mortgage experience benefits from it.  And while you are looking, give Bank Independent a chance to be this lender for you.  We will show you “why” we are here for you.  Good luck on making the right decision!

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Bank Independent does not endorse, nor is responsible for the content in the linked 3rd party websites. Bank Independent's privacy policies do not apply to these linked websites.