Mortgage Lender

Shopping for a mortgage lender?  There are thousands of them and it’s an open playing field!

In the world of real estate, there are big players and bit players.  There are high rates and low rates.  There are flexible mortgage terms and conditions, and there are restrictive ones.  It all would depend on the mortgage lender you land with.

In some cases, however, going with a mortgage broker or associate instead is a better alternative.  And that’s only because a broker has access to all mortgage lenders.  Instead of narrowing your field of choice to one mortgage lender, a broker will gather up a bunch of mortgage lenders and present the one that best suits your needs – and your budget.

Whether it’s for a fixed mortgage, a second mortgage loan, or a bad credit loan mortgage, you will be asked the usual questions by a potential mortgage lender:  how much you want to borrow, what your annual income is, what your liabilities and debts are, how long a term were you looking for, do you have a down payment, will there be a co-signer for the mortgage application, etc?

You may also want to have access to a free mortgage calculator – and you usually can get this online in any of the mortgage web sites.  If you’re still house-shopping, amounts and terms may change so you will need to input new data into the calculator as you go along.  Two things to bear in mind for your own financial health:  don’t buy a house that you can barely afford, you have to leave some room in your monthly budget to meet unexpected expenses.  This means not paying too much mortgage each month so that you can still eat three square meals a day and pay for gas, things like that.  It’s the old adage of being house rich and cash poor.  The second thing is to seriously think if you would need insurance for added mortgage protection.

A mortgage lender will demonstrate some degree of flexibility if you have an excellent credit score.  Sometimes all you need is a flawless credit record and you’re all set to buy the house.  Of course you have to be gainfully employed and show proof that you can meet mortgage payments.  Always try to obtain the lowest mortgage rate - but as you know lowest may not always mean the best.  People who are buying homes for the first time and who do not have that much experience in real estate tend to choose a conventional mortgage which is what half of the house-buying population go for.  It is fairly straightforward and your mortgage lender can explain the dynamics of a conventional mortgage.