Video: Choosing the Right Lender Makes All the Difference

I’m not sure how many people realize how critical it is to choose the right mortgage lender when you’re buying a home. Unfortunately, by the time you find out you’ve made the wrong choice it’s usually too late. As a Realtor, I learned very quickly which lenders are reliable, which have a wide range of knowledge, and who is willing to go the extra mile to safeguard and promote the home buyers interests. All are qualities you’ll want in a loan officer, however, and this is a BIG however, right at the top of the list of characteristics you will most certainly need in your lender, is communication. I know it sounds cliche’. Believe me it is not. 

By all means choose a lender you are comfortable with but before you do, ask around; friends, family, neighbors and especially your Realtor can provide helpful advice and likely even a recommendation or three.

Additionally, pay attention to the video below when it is mentioned that a low interest rate is one important consideration but not the whole consideration. What your loan officer will give you, and what you really should be paying attention to is the APR or Annual Percentage Rate. The APR includes not only the mortgage interest rate, but any fees you will be paying along with points, and up-front costs like the appraisal. When comparing interest rates between lenders, remember that the APR is what you’ll always want to use as your unit of measure, not the interest rate alone.

Finally, get pre-approved! Your Arizona Realtor can not effectively assist you, nor can they legally and ethically submit an offer for you without a pre-approval in hand.

Video: How to Choose the Right Lender

For your convenience we’ve provided a transcript directly below this video.

Video Transcript: How to Choose the Right Lender

Welcome to Today’s Home Update, I’m Cheyenne.

When buying a home, choosing the right lender is very important so take your time, and take the following into consideration.

Start by comparing the numbers. Taxes and Insurance will remain the same more or less, so focus on the rates, points and fees. These are the three sectors that will vary greatly from lender to lender. Calculate carefully when considering because they all affect each other.

Do some research before filling out an application. Feel free to ask questions. If you’re given the runaround simply because you haven’t filled out an application, that’s usually a bad sign.

Your lender will want to interview you after you’ve filled out an application. After all, hundreds of thousands of dollars are on the line for them. But, just as they want to learn about you, you should learn about them. Don’t hesitate to ask a few questions of your own during your interview. Find out who will service your loan. Or what happens if your rate lock expires before your loan will close. These are all things you need to know before signing.

Remember, choosing the right lender is just as important as choosing the right home.

Thanks for watching Today’s Home Update, see you next time.

For more information, Call or Text: 602-999-0952
eMail: golfarizona@cox.net
Bill Salvatore / Arizona Elite Properties
Residential Sales, Marketing, and Property Management

Ever wonder what Closing Costs you’ll be responsible for when you buy or sell a home? Check out our infographic and article:

Who Pays for What?

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What is standard and legal procedure in a Real Estate transaction?

Home Purchase Offers and Agreements 101

Additional Helpful Information for Home Buyers

Getting Pre-Approved for a Mortgage

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