Who Will Help Open the Door to Your New Luxury Home?

The Importance of Knowing Your Mortgage Lender, Cornerstone Mortgage Company, a full-service mortgage banker operating more than 30 offices in Texas, Georgia, Minnesota, Oklahoma, Mississippi, Nevada, North Carolina, Utah and Washington. Corporate Office/Houston, 713-621-4663

Purchasing a home, whether it’s your first or your fourth, involves placing your trust – and your in-depth financial information – in a mortgage lender’s care. A mortgage loan is one of the largest financial investments many people make in a lifetime.  Even if it is not, the monies involved in a mortgage transaction are usually substantial, should be carefully handled and involve equity positioning that should be astutely monitored. 

In today’s volatile financial market, the importance of choosing a qualified mortgage lender cannot be overstated; mortgage lenders are now loosely categorized with financial planners because the impact of both types of service can affect long and short-term financial goals as well as overall financial pictures. Among the ranks of residential mortgage lenders, there are three categories:  mortgage brokers, who are independent mortgage lenders; lenders who work for a national, state, or savings bank; or mortgage bankers, those affiliated with a mortgage company or mortgage bank.

Each type of lender has different capabilities; but all three categories have qualified mortgage lenders. So, how do you further differentiate among them? 

The circumstances affecting your choice of mortgage loan program are as individual as you are – as individual as your goals for the future – and as individual as your personal financial goals. The person who helps you choose a mortgage program is helping you select a financial tool that will impact all of those areas.

Simply stated, perhaps the most important elements in your choice among qualified lenders is selecting a lender who considers your individual circumstances and goals, and has your best interests at heart. 

Below are some questions or points you might want to consider when choosing a mortgage lender.  Hopefully, these will help you narrow your choice.

•  How long has the lender been in the mortgage industry?

•  How long has the lender’s company been in operation?

•  How long has the lender been with the company he or she works for?

•  Is the lender’s company financially stable?  Is he or she willing to supply information about the company’s net worth or available lines of credit?

•  Do you know others who have used this lender, and how would they rate their experiences?  If not, will the lender provide references?

•  Does the lender provide optional ways to apply for your loan? Examples: online application, a personal meeting, or by phone.

•  Does the lender have a quick-response policy for pre-approval or prequalification?

•  Does the company provide in-house mortgage services, or is there centralized processing funding and underwriting?

•  Does the lender provide an adequate list of information needed for your loan application?

•  Does the lender consider your short- and long-term financial goals as well as your overall financial position when recommending a loan program?

•  Does the lender provide more than one loan program option? 

•  Does the lender have access to mortgage programs from reputable investors nationwide?

•  Does your lender maintain consistent communication throughout the process with clients, Realtors, and other parties involved in the transaction?

•  Will the lender provide a Truth-in-Lending Statement at least three days prior to closing and will that include all fees and applicable costs for closing?

•  Does the lender provide information for closing? Examples: time and date of closing, directions or map to the title company, and information needed at closing.

•  During the transaction, does the lender consistently monitor the market to determine the best time to lock in your rate?

•  Will the lender attend your closing?

•  Does the lender provide ongoing market and industry information post-closing?

•  Does the lender provide an on-time closing commitment?

This article was submitted by Cornerstone Mortgage Company, a full-service mortgage banker operating more than 30 offices in Texas, Georgia, Minnesota, Oklahoma, Mississippi, Nevada, North Carolina, Utah and Washington. Corporate Office/Houston, 713-621-4663, 1177 West Loop South, Suite 200, Houston, Texas 77027.