Choosing a Mortgage Company

Deciding the company to use is an important process for first time home buyers.

Choosing a mortgage company, especially the right company, can mean the difference between a happy experience or a bad experience.

So when you start looking around for a home loan, you have two choices basically.

First Choice: Work Directly With a Mortgage Lender

You can choose to work directly with a lender. If you do this, lenders are loaning out their own money. Normally they have their own in-house underwriters and loan programs. So will put you in touch with direct lenders. Personally I feel this is the best way. They are not a broker but a place that helps connect borrowers like you with the lenders.

Second Choice: Work With a Mortgage Broker

The other choice you have is to work with a mortgage broker. The advantage of choosing a broker is: they have access to many direct lenders. This can be to your advantage. Mortgage brokers have many loan programs from a variety of different lenders to offer you. However, I think you will pay more in closing costs going this route.

If you have any special needs a mortgage broker may be your best choice. If the mortgage broker is professional, he/she will know the many different loan programs and be able to match you up with the lender quickly.

Also, you want to shop for the best interest rate, closing costs, prepayment penalties and the loan terms. Make sure they are giving you their best deal.

First Time Home Buyers Remember

Keep in mind, you’re the customer. So as you’re looking around, be sure to ask lot’s of questions. Get to know the person you’re going to be working with.

Do they care about you? Do they take the time to explain unfamiliar terms to you?

So with all of that said, is still my preferred choice.

For more information on selecting a mortgage company along with other valuable information, request our FREE 14pg Guide.

Best FHA Home Loans is a good place to go to understand the FHA loan programs and why they are the best for first time home buyers.

First Time Home Buyer Programs educates you on the different programs to choose from.

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