How to choose a mortgage lender?

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    Jordan Moore
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    Jordan Moore
    Keymaster

    If you’re planning to buy a home, finding the right mortgage is just as important as finding the right home for your family and budget. Consulting a mortgage lender for this can help you save thousands on your home loan eventually. Therefore, it is important to take some time to find the best mortgage lender in the market. 

    Here are some ways to do that:

    • Find out if the mortgage lender offers the type of loan you are looking for: a government-backed loan like the Department of Veterans Affairs loan, a Federal Housing Administration (FHA) loan, or a United States Department of Agriculture (USDA) loan. You may need a short-term loan, a conventional loan or another type of loan. Not all lenders deal with all types of loans. 
    • Compare the rates and terms the lenders offer. Mortgage rates are influenced by two things: your credit score and the current rates set by the Federal Reserve. You have no control over these rates, but you can build your credit score to get the best rates you are eligible for. You can also buy mortgage points to lower interest rates. 

    After this, you begin the application process depending on what is set by your lender. The lender will check your income, make a hard pull on your credit files, appraise the property, and check your overall financial stability to decide what rates and terms you could qualify for.

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StellarFinance, Inc. and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.

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