Not only does your financial situation and credit history determine your overall mortgage experience, the mortgage company that handles your home loan also has a say in the matter. You can have a great mortgage with great rates and still have a horrible experience if your lender doesn’t have good customer service or is simply inept at her or his job. Learn more about what the best mortgage lenders can, will and should do for you.
What the Best Mortgage Companies Will Do for You
Have a Generous Selection of Mortgages
Just as everyone has different needs when it comes to the type of home they’d like, those differences are also mirrored in their mortgage needs. A good loan company will have a vast variety of mortgage programs for you to choose from, ones that either perfectly fit your needs or come exceedingly close to doing so. Your chosen mortgage company should also be well educated on each and every loan program offered in order that you can be just as well educated about the type of loan to which you’re agreeing. If you have to settle for a program that’s merely “good enough,” you should at least be assured by your loan officer that it truly is the best move.
Reassure You With Their Reputations
The mortgage companies you’re considering should also have good reputations and the reviews to back them up. Specific reputation qualifications to look for include a company that’s been in business for several years, one that’s been approved by the Better Business Bureau and a mortgage company that is 100 percent customer oriented.
Work on Your Terms
What’s the use of having a mortgage professional help you in your quest to become a homeowner if that individual is never available when you need for her or him to be? Go with a company that will work on your terms, whether those terms are on the weekend or during evenings. You’ll also be better off choosing a lender who returns your calls within two hours, and that should be even less time when it comes to emails. Getting in touch with your mortgage company shouldn’t be an exercise in frustration and futility.
Honor Initial Quoted Fees
The person or company handling your loan should fully honor the initial quoted fees you received as well as your loan amount. A company that doesn’t honor its commitment isn’t one to which you should be trusting your home, money or your time. Always listen to your gut when it comes to deciding on which lender to choose. Should fees or amounts change, there should be a valid reason as well as an accompanying apology and an act of compensation that demonstrates that apology.
Put You at Ease
Because you’re trusting your future to a mortgage company, you’ll want to choose one that is a pleasure to work with and makes an effort to put you at ease and reassure you when necessary. While your mortgage officer likely won’t become one of your best friends, she or he should at least be someone with whom you get along. Should you ever have any problems with your loan or the application process, your lender should be able to ease your concerns and make recommendations as to what you should do next. While no one is guaranteed smooth sailing during the home loan process, your ship should have a crew that can help you navigate any storm.
Communicate With You
Your lender should have open and consistent lines of communication. Not only does this mean responding to phone calls and emails in a prompt manner, it also means clearly explaining the terms of your loan and anything else about the loan process of which you’re unsure.
Your mortgage company should work just as hard as you do when it comes to finding the perfect home loan. To narrow your options, be sure to ask friends and family if they have any recommendations. Interested in learning more about what it's like working with a credible mortgage company? Let us help!