by Charlotte Wood
(last updated February 21, 2009)
Taking out a mortgage on your home is always an involved and time-consuming process, one for which you need some help, someone to interpret the contract and to work in your best interests. That's where your mortgage lender comes in. In the first place, you have to have one because these are the people who give you the money for your home loan and, secondly, if you can find the right one then you can find the best mortgage. Finding the right mortgage lender is paramount to your ultimate mortgage success and will help you best work out your finances for this critical decision.
You need to really do your homework and shop around for the best deal. Compare rates and fees and the overall policy from multiple lenders and compare that data with your mortgage and financial needs. Your mortgage is for you and should accommodate as much of your needs as possible.
One of the best ways to shop around and find the best deal for you is to ask around; ask your friends and family what works for them and what they like or don't like about certain lenders. Personal opinions and references are some of the best resources you can use when finding a mortgage lender. Don't rely solely on the TV commercials or on your realtor's recommendation.
Your realtor will probably want you to go through their preferred lender and might press that option, but always remember that it's your decision because it's your money and your home. (Well technically it may not be your home yet, but you're dealing with property that hopefully will be!)
Even if you're new to the process, take advice from those around you but make sure that the decision is yours and not your realtor's, your parents', or your neighbors'. You can also use websites on the Internet to help you compare what's what with different lenders. Ask any question that arises in your mind because you'd rather ask lots of questions then not ask your questions and get stuck in a not so good mortgage.
Finding the right mortgage lender simply takes perseverance in your research and the hardheadedness to make your own decision. Get all the advice you want, do as much research as you need, and remember that when it comes down to it, it's your decision. Your decision with your mortgage lender only has to be okay with you and if you've done your homework then you should have no qualms about feeling right about whatever lender you decide on.
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