When shopping for a mortgage, remember that there is so much more that goes into a loan than interest rate and fees. Be sure to avoid focusing only on cost. Getting a mortgage is complicated and stressful. You should be able to work with someone who can explain the mortgage process to you, answer your questions, make you feel comfortable, and help you navigate the entire process. The people handling your mortgage should be part of a unified team because it takes a lot of people to get a loan closed including your loan officer, processor and underwriter. You’ll want to work with a loan officer who has a good relationship with his or her processor and underwriter, who are the decision makers on each loan.
Make sure to find a team that will communicate with you how you want to be communicated with. Consider whether the underwriter is in-house at your mortgage lender.
Most importantly, work with someone you can trust.
Not all lenders offer the same programs. They can vary from lender to lender. Make sure your lender has the right products to fit your lid. For example, not all lenders will have special down payment assistance programs, programs for special circumstances or jumbo loan offerings.
Who will own the loan?
When applying for a loan, think about who you will make your payments to and whether they have good customer service. After the loan closes, you want to continue to have a good experience with your servicer.