4 Ways to Research Mortgage Lender Options
Choosing the right mortgage lender is critical — whether you’re buying a house or refinancing an existing one.
Your choice will not only influence the loan options and interest rate you get but also how quickly you close and the customer service you receive.
Do you want to make sure you’re choosing the right mortgage lender for your home purchase or refinance? Here are four places to start:
The NMLS — or Nationwide Multistate Licensing System — is a great place to begin your research. You can find out where a lender is licensed to operate, how long they’ve been in business, and whether there are any regulatory actions out against the company. You can also find out if the company has had any other names or has any affiliated businesses.
2. Better Business Bureau
The Better Business Bureau should be a standard when researching any company. It typically has information on the organization’s history and licensing, there are customer reviews, and there’s even a BBB rating you can use to judge them by. You can also see if there have been any complaints against the company in recent years and if they’ve been addressed yet.
3. Your social circle
You can also ask your real estate agent or friends, family, and colleagues for recommendations and reviews. If they just bought a house, who did they use and were they happy with the service they received? Maybe they weren’t pleased with the company or its practices? Either way, it can point you toward potential lender options in your area.
Experience is a great place to research lenders of all kinds, as well as insurance companies, hotels, and more. You can also look up specific loan officers, read real-life customer reviews, and get important information like a lender’s hours, contact info, and even social media profiles. You can also filter by location to make sure you’re comparing lenders only in your area.
One more tip for finding a mortgage lender
You should always research a mortgage lender before deciding to do business with them. You should also reach out to a loan officer or representative of the company too. They can walk you through the company’s unique loan programs and offerings and give you a customized quote.