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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