Table of Contents
- What Are Netting Escrows & How Does It Work?: The Best Guide - January 2, 2024
- The Secret About Prescriptive Easement: Top Guide 1 Must Know - December 4, 2023
- About Home Equity Loans In Texas And How Can One Obtain It - November 27, 2023
Way to Find the Right Mortgage Lender in Texas
Selecting the right mortgage lender in Texas could be a task. There are many mortgage loans in the market, like FHA, VA, USDA, Conventional, Jumbo, etc.
If you are looking to get a mortgage or to refinance your existing mortgage, you might want a loan officer who can assess your situation and suggest the best mortgage loan according to your requirements.
Below are a few tips on how to select the right mortgage lender in Texas and explore your options together.
1: Being a Smart Shopper
It is always suggested to do your research before finalizing a mortgage lender or a loan officer. Please make sure you speak to multiple mortgage lenders and ask them questions.
Always check for testimonials, reviews, or ratings for the loan officers you are working with. This gives you a better prospect of selecting the right mortgage lender.
You can always search the information for the loan officer on google and get more knowledge on his or her reputability.
If you do your homework well, you will get the right mortgage lender possibly with a great deal as well!
2: Get All The Quotes On The Same Day
If you want to compare apple to apple, you might want to get all the quotes from the mortgage lenders that you are talking to on the same day.
The reason being, the interest rates fluctuate on a day to day basis.
So if you are talking to 3 different mortgage lenders at a time, we would suggest you take the quotes from all three on the same day possibly within a 4-hour window.
This way, when the mortgage lenders provide you with the quote, the interest rate they are referring to, is the same based on, the market for that specific day.
After you get the quotes from the mortgage lenders on the same day, it would now make, the right sense to compare and see which is the best for you.
For example, If you get a quote from Lender A on Monday who is offering you 3.875%, and from Lender B on Thursday who offered you 4.00%.
It could be possible that the market rate was good on Monday, and that is why Lender A quoted 3.875%.
If you had taken the quote for Lender B on Monday, he could have provided a better quote.
So, get the quote from all the lenders on the same day and select the right mortgage lender in Texas.
3: Get Rates Over the Call
You can get the rates over the call. However, if you are talking to multiple loan officers, meeting in person with all of them for a rate quote could be time-consuming.
You could get a rate quote from the loan officer in minutes based on few details like property type, loan amount, credit score, and down payment (in case of purchase).
Get the rates from all the loan officers you are talking to and select the right mortgage lender in Texas based on their quotes.
4: Compare Fees
When it comes to refinancing or property purchase, there are always some fees attached to it.
Make sure you ask the lenders you are talking to, about what are their fees and ask them to mail that information on your email so that you can do a side by side comparison on who is charging what.
Few fees are beyond your lender’s control like Title, Escrow, and appraisal fees. No matter which mortgage lender you pick these fees would remain the same.
The fees that you need to look for comparison are underwriting, origination, app, Credit report, processing, etc.
These are the fees that are under your lender’s control so you may question them and conclude on which lender is giving you the best deal.
Conclusion
Once you follow the tips, you should be able to find the right lender for your home mortgage refinances or property purchase.
Also, there are no ‘dumb questions’ when it comes to mortgage loans.
A proper loan officer should always be able to answer any questions that you may have. Remember, when you Compare you win.
My husband and I are at a point in our life where we need a bigger house that can accommodate our growing family. We aren’t financially prepared to do so though so we want to look for a mortgage lender. I’ll discuss with him what you said about how always look up endorsements, rankings, or reviews of the loan officers you are dealing with. As you said, this increases your chances of choosing the best mortgage provider.