Looking for a Mortgage Lender

By Karen Lawson
Local Lender Columnist
Aug 13, 2007
Many homebuyers don't find a mortgage lender until they've found the home they want to buy. Real estate professionals, sellers, friends, and family may have ideas about which lender is best. If you're concerned about media reports of mortgage problems, here are some tips for selecting a mortgage lender.

Be Prepared for Buying a Home

You wouldn't go to the mall without your wallet, cash and credit cards. It's a great idea to go home shopping with a pre-approval for a mortgage loan! This means that you'll want to shop for a mortgage lender before looking for your new home. If you already have a banking relationship with a bank, savings and loan, or credit union, ask about their mortgage products and rates. Your dealings with a financial services provider can help you qualify for a mortgage. And of course checking online for products and rates is a quick way to compare a lot of options. You can also consider recommendations of others who've had good service from a mortgage lender.

Knowledge Now Can Prevent Trouble Later

It's important to know how much you can afford for house payments. By pre-qualifying for a mortgage, you'll know in advance which homes you can afford. You should feel comfortable asking questions of any mortgage lender. If they don't want to take time to help you understand all of the terms of the mortgage loans they're offering, you may want to shop for another lender. Michigan real estate professionals are aware of regional housing trends, and may be able to recommend reputable mortgage lenders in your area.

About the Author
Karen Lawson is a freelance writer with more than fifteen years of experience in mortgage banking. She holds a Master's degree in English from the University of Nevada, Reno.