Mortgage Choices: How to Find Your Best Fit

Welcome back! One of the most important aspects of the home buying/selling process is financing. It's what allows us to buy a new home in the first place, and then we work to build up strong equity that eventually affords us the opportunity to upgrade to a larger home or pay off our mortgage and enjoy a bit more financial freedom each month.

As Realtors, it is not our place to advise our clients on mortgage options and financial matters. It's just not our area of expertise. We might share various types of loan options we have been informed about through trusted lenders, and we can certainly suggest 3 or 4 local loan officers we know are great to work with, but that is typically our limit in terms of advising our clients on financial matters.

Like finding your perfect home, it's very important to "shop around" for the right mortgage and lender. Our advice is to ask around -- talk to your ERA First Advantage agent of course, but also speak with friends and family members who have bought homes in the area because they will have some insight from the client side that an agent might not.

If you want to be very thorough, consider sitting down with a few loan officers for an informational meeting, and determine what works for you. Here a few things we recommend looking for when choosing your lender:

• Mortgage Options: Be sure your lending institution has a financing option that truly fits your needs. There are so many types of mortgage options now, so be sure yours is right for you and your financial goals.
• Location: Working with a local lender will be a tremendous asset versus finding financing online. If there is ever a confusing issue or problem throughout your transaction, you definitely want your loan officer to be nearby so you can meet and discuss to resolve the problem.
• Financial Advice: Your loan officer should be able to discuss not only your mortgage rate, but also your payments and payoff plan in context with the rest of your financial plan.
• Ease of Communication: Work with someone you feel comfortable with, someone you feel comfortable asking questions and can explain complex financial matters in a way you understand. This person is working on a huge, personal purchase with you, so be sure he or she communicates with you in a timely, efficient manner.

What other questions do you have about finding the right lender? Talk to your ERA agent today for advice and suggestions. We are always happy to answer questions and discuss this important financial decision!

Enjoy the rest of your week!