When considering a mortgage lender, there is much more to think about than just the current mortgage rate. First and foremost, finding a reputable lender that you can trust should be your highest priority. In all probability, a mortgage loan is the biggest investment you’ll ever undertake. You shouldn’t just trust anyone with that responsibility.
So how do you find a reputable lender? You need to do your homework on this one. First, ask someone you know who already has a mortgage loan who they worked with. Don’t simply accept this recommendation, as there are many reputable lenders in the industry. Ask another homeowner who they used. Then take each recommendation and expand upon them. Contact those lenders and ask them for referrals of their own. The best in the business won’t hesitate to give you names and phone numbers of clients they’ve serviced. Contact these people and see what they have to say.
The U.S. Department of Housing and Urban Development (HUD) also has a great link for those shopping for a mortgage loan. HUD’s web site will show you how to get the best mortgage loan, regardless if you’re a first-time homebuyer or you simply want to reduce your monthly mortgage payments by refinancing your existing mortgage loan into a lower mortgage rate.
After you’ve done your initial research, review the list of mortgage lenders you have compiled and interview them. Whether it be over the phone or in person, if a lender deserves your business, they will certainly take the time to get to know you. The three most important things to look for in a mortgage lender are:
•   Consumer Feedback
•   Service Reputation
•   Trustworthy Image
Longevity in the industry, particularly in these turbulent economic times, is also a vital piece to finding a reputable mortgage lender. If they’ve been able to weather the current financial storm, in all likelihood, they’ve done things the right way from the beginning.
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