It's important to trust your lender and feel comfortable asking questions. It's equally important that your lender offers competitive rates and terms. For these reasons, it's recommended that you talk with several lenders before determining who you'd like to finance your home purchase.
After you complete a loan application with each lender, they are required to provide you with a Loan Estimate within 3 business days. When reviewing the Loan Estimates from different lenders, look at the total loan costs, the Annual Percentage Rate and the Total Interest Percentage to compare all costs. This will help you determine who is offering you the best option.
It’s more time and extra work to meet more than one lender, but it could save you a lot of money in the short- and long-term.
Your Lender Is Expected to:
- Work with you to complete your mortgage loan application.
- Evaluate your credit, financial, employment and personal information to determine how much you are qualified to borrow.
- Educate you on the different mortgage options, rates, points and general mortgage terms.
- Help you find the mortgage financing option that meets your financial capacity and personal goals.
- Keep track of all activities throughout the loan approval process and keep you informed of key changes.
- Provide you with the necessary forms before closing, including the Loan Estimate and Closing Disclosure, to help you understand all costs and terms before signing.
The process of comparing lenders will further educate you and make you feel confident with your decision
Your lender is responsible for helping you secure the best financing option for your situation
Your lender will provide you with important forms that disclose estimates of your costs