3 Things To Look For In A Home Purchase Lender Online

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3 Key Things to Look for in an Online Home Purchase Lender


Summary:

Ready to buy a new home? Finding a lender online is both convenient and easy. However, it’s crucial to ensure your chosen lender prioritizes your interests, not theirs. Here are three essential factors to consider:

1. Variety of Loan Options


When exploring lenders, ensure they offer diverse loan options beyond the standard 30-year fixed mortgage. Depending on your situation, you might benefit from an Adjustable Rate Mortgage (ARM) or an Interest-Only loan. Some might prefer different term lengths. A reputable lender should provide a range of choices to match your specific needs. Be cautious of lenders pushing a single loan type.

2. Written Pre-Approval


Some lenders provide "pre-qualification," but this doesn't guarantee loan approval. Instead, seek a lender who offers a "pre-approval." This involves a more thorough assessment, where the loan officer verifies employment, bank details, and credit information. Pre-approval increases your chances of receiving final approval for your loan.

3. Rate Lock-In


Interest rates fluctuate daily?"they may drop on Monday and soar by Friday. Some lenders might promise a low rate to win your business, only for the rate to change before closing. Ensure your lender can "lock in" your rate for 30, 60, or 90 days. Trustworthy lenders will guarantee the rate they quoted, even if there's a delay in finalizing the loan.

Once you’ve ensured your lender offers flexible options, provides a pre-approval in writing, and locks in your rate, it's time to compare rates, fees, and other charges to secure the best deal.

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