If a new house is what you are ready to purchase, then you will be needing a home lender. And finding one online is convenient and simple! But in order to ensure that your lender has your interests as his top priority and not his, there are a few things you should look out for.
Your lender should offer you some options
There are several other options to consider other than the traditional 30-year fixed rate mortgage. Depending on your needs and personal situation, an Adjustable Rate Mortgage (ARM) or Interest-Only mortgage might be a better fit for you. Or a loan with a longer or shorter term is what you may even prefer. A good lender should be able to offer you a variety of options so you can find the one that best suits your needs. Be wary of any lender that tries to push one particular type of loan.
Your pre-approval should be in writing
Even though you will be pre-qualified by some home lenders, this is not a guarantee that you will be getting a loan. In fact, pre-qualification means almost nothing at all in most cases. What you can do instead is choose a lender who will pre-approve your application and this process is more involved. The loan officer has contacted your employer, bank, credit card companies, etc. when you have been pre-approved. Once you’re “pre-approved,” you’re a lot more likely to get the final approval on your loan.
“Lock in” the rate you’re quoted
When it comes to interest rates, they can change daily which means they can be down on Monday and sky-high by Friday. There are lenders who will quote you a super low rate to get your business regardless of the fact that by the time your loan is finalized, the rate may change. Ask the lender to lock in the interest rate for 30, 60, or 90 days if he or she quotes you an interest rate. Reputable online home lenders will guarantee you your promised rate even if it takes another month or two until you close the loan.
Once you know your online home lender is willing to offer you options, pre-approve your loan, and lock-in your rate, it’s time to compare rates, fees and other charges to make sure you’re getting the best deal.
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