When it comes time to buy a first home, most buyers will consult a familiar lender, like their local bank, for a mortgage loan. Although that can simplify the process, it will rarely yield the best loan option. For optimal results, consumers should go \u201cmortgage shopping\u201d and meet with at least two lenders before making a decision. Here\u2019s why:<\/p>\n
A Special Promotion Could Save You Thousands<\/strong><\/p>\n Since there are many different types of mortgage lenders \u2013 commercial banks, thrift institutions, credit unions, and mortgage companies \u2013 there are also many different mortgage products. At any given time, one lender may be offering a special promotion on the exact type of loan instrument you want, and you\u2019ll never know about it unless you take the time to research.<\/p>\n Not All Loan Fees Are Created Equal <\/strong><\/p>\n The cost of your new home won\u2019t be the only financial obligation associated with a mortgage loan \u2013 there are also loan fees for application, underwriting and processing. Some lenders are willing to lower or even waive some or all of these fees, while others won\u2019t consider it. It pays \u2013 literally \u2013 to ask when interviewing potential lenders.<\/p>\n Style, Knowledge and Helpfulness Will Vary Considerably<\/strong><\/p>\n Many people are ultra-picky about who cuts their hair or provides medical treatment, and with good reason. Differences in style, personality, knowledge and experience, and level of customer service vary significantly. The same can be said for mortgage lenders, making it important to meet with at least three before choosing the company that feels like the best fit for you.<\/p>\n A mortgage is a long-term financial obligation that should not be taken lightly. Savvy consumers who do their homework before selecting a lender will end up well-positioned to make the best financial decisions.<\/p>\n Image via Flickr\/Loans Guide<\/p>\n","protected":false},"excerpt":{"rendered":" When it comes time to buy a first home, most buyers will consult a familiar lender, like their local bank, for a mortgage loan. Although that can simplify the process, it will rarely yield the best loan option. For optimal results, consumers should go \u201cmortgage shopping\u201d and meet with at least two lenders before making […]<\/p>\n","protected":false},"author":1,"featured_media":3733,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[68],"tags":[],"yoast_head":"\n