Finding the Right Central Virginia Mortgage Lender

Buying a home—especially your first home—is huge. It is the biggest financial decision you'll ever make. The best advice our REALTORS® at Napier ERA can give to clients, is to shop around and choose the best mortgage lender to fit their personal needs.

You naturally want to get the best interest rate; however, you also want to find the best mortgage company with the best terms and best professionals to guide you through the process.

Using these tips:

1. Determine the Right Type of Lender
   Do you feel you would be better served with a large bank or a small local lender? A small lender will provide personal customer service, but a large lender may have more mortgage products and varied interest rates. Both have their benefits and drawbacks, so make sure you decide what is right for your specific situation.
   
   
2. Consider a Mortgage Broker
   A mortgage broker and a mortgage lender are not the same thing. A broker is a third party that makes the arrangement between you and your lender. This can save you quite a bit of time, so if you're pressed for time this is the route to take. However, working with a mortgage broker does have some drawbacks, because sometimes brokers will be working to push the loan that provides them the highest pay, not the one that's best for your needs.
   
   
3. Schedule an Interview
   Once you've decided the type of lender you want, schedule an interview with a couple of them. At this interview, ask about their loan programs, what you need to do for pre-approval, and how long the wait would be. Don't apply for a loan until you've had this conversation with a couple of lenders. If scheduling the interview is hard or your loan officer is hard to talk to, then move on to a different lender.
   
   
4. Ask Your Real Estate Agent
   Your real estate agent is a great source of information about local mortgage lenders. You are right to ask for help. Our real estate agents can point you toward reliable lenders with which we have previously done business.
   
   
5. Compare Loan Options
   While your lender can't give you exact specifics on a loan until you actually apply, you can get a breakdown of the costs. Get these for a few loans from different lenders, and compare them side-by-side to see which one would provide the best possible terms for your needs.

Finding a mortgage lender takes a little bit of time, but it's well worth the effort. Contact us to help you find the right lender for your Central Virginia home purchase.