How do I Choose a Mortgage Lender? 

There are so many mortgage lenders to pick from that it can be hard to know which one to choose. Here are some tips that can help you make the best possible choice.

Consider Your Situation

Certain circumstances can make it hard to obtain a mortgage loan with a good interest rate. These include:

• Being self-employed
• Having a low credit score
• A high debt to income ratio
• A bankruptcy or foreclosure in your past
• Inability to offer a good down payment

If you face challenges, choose specific lenders who are willing to consider your paperwork in spite of problematic circumstances. Credit unions, for instance, will not only consider your credit score but also the reasons why it may be lower than you’d like. There are also specific lenders who specializes in working with self-employed individuals.

Start with Your Bank

Have you had a checking or savings account with the same bank for many years? If so, your bank may be willing to consider the fact you’ve been a loyal customer and offer you a loan with good terms and conditions. Always talk to a loan officer at your bank even if you intend to shop around elsewhere too.

Work with a Broker

You can save yourself a lot of time and hassle by working with a mortgage broker. A mortgage broker is not connected to any one mortgage company or bank; instead, a broker will take your paperwork to a number of lenders on your behalf to see which mortgage lender is willing to offer the best terms and conditions. You’ll have to pay the broker for his or her services; however, the fee should be no more than 2% of the total home loan and you can often combine the broker’s payment with the mortgage loan and pay it off in installments instead of right away.

MIG offers numerous home loan and refinance options to make it easy for as many people as possible to obtain a home loan with favorable terms and conditions. Get in touch with one of our lenders to discover which mortgage or refinance loan is right for you. Alternatively, you can start the mortgage loan application process online, from the comfort of your home.