How to Choose the Best Lender

Navigating the complexities of the mortgage world can be overwhelming. And despite the current low rates, it’s still important to understand the differences in mortgages, as well as the differences in lenders.

Consumer Advocacy is a helpful resource for all sorts of consumer information. They recently published a consumer mortgage guide based on in depth reviews…Best Mortgage Rates Based on In-Depth Reviews.

Here are a few of their recently published facts.

• August 2nd, 2019’s rate drop has lowered rates for 30-year fixed mortgages to 3.70%
• Mortgage lenders consider many factors for interest rates
• Government-backed options are available at lower rate

So what does this mean for you, the consumer? It means you should understand the mortgage landscape and possibilities and also doing your due diligence.

RESEARCH. RESEARCH. RESEARCH.

The number one thing uncovered in the Consumer Advocacy study was the critical importance of doing your research. We know the thought can be about as exciting as a trip to the dentist, however the long term savings to your bottom line could be worth every moment. This is especially valuable information as interest rates are at historic lows, and picking the right mortgage can translate into historic results.

WHERE TO START?

Besides the Big Three – rates, fees and points when comparison shopping for a mortgage, there are some other factors that should help you not only identify the best mortgage by the best lending source as well.

Customer Experience and Reputation and Transparency being the top 3. Let’s face it, chances are you are going to be “engaged” with a lender for a long term relationship, so it’s important they have a great reputation. Customer Experience and Reputation and Transparency are three of the factors used to measure customer experience.

REVIEWS

Consumers Advocate recently conducted over 200 hours of research using over 100 sources and made 9 top picks. They looked at Lender Types, Available Mortgage Types, Customer Experience and Reputation and Transparency. They performed and
published in depth reviews on Quicken Loans, Veterans United, Lendingtree among others.

Please use one of these Mortgage Calculators to help calculate some options.  And take a look at Karen’s Recommended Lenders.

As always, form more information on mortgages and lenders, contact Karen. She’s happy to help walk you through your options.