Finding a Trustworthy Mortgage Provider

Not long ago, homebuyers had very limited options when it came to mortgage, because banks and credit unions were generally the only institutions that offered them. Today, however, different types of home-financing providers have become available. Unfortunately, with greater options comes greater risks, and if you don't choose with care, you can easily fall victim to unscrupulous lenders. Here are some tips you can use to find the right provider for you to work with:

Check credentials

Only work with mortgage companies that are regulated by the Financial Services Authority and entered on the FSA register. Check with the agency to see if the lender you’re looking at is in good professional standing.
Do your homework

You need to learn and understand all relevant information when you shop for a mortgage. Talk to the lender exhaustively about the mortgage products you’re interested in and ask for clarification whenever you don't understand something.

Get recommendations

Ask friends and family for recommendations on the best lenders to use. Next, shop and compare terms. If you can, talk to different types of lending institutions including banks, credit unions, mortgage companies, even mortgage brokers. Remember though, brokers don't lend money; they simply help arrange loans.

To minimize risk, know that trusted home builders can assist you in securing an affordable mortgage from the most trustworthy lenders in the industry.

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