One of the most important relationships you’ll ever have is with your mortgage lender. It’s typically not what big screen movies are made of (Four Weddings And A Mortgage, anyone?) but choosing a lender for one of the largest purchases of your adult life can make (or break) your entire home-buying experience.
We’ve all heard a horror story or two about awful mortgage lenders, whether they seem to fall off the face of the earth before the sale is final, gave false information that led to a surprise at closing, or otherwise messed up the process so much that you’ve convinced yourself that you’d rather rent for the rest of your life instead of dealing with the stress of what could happen, thank-you-very-much. But I’m here today to tell you that good mortgage lenders far outweigh the number of bad lenders.
So take a deep breath, relax, and consider these three things that any reputable mortgage lender wishes you knew when it comes time to purchase your first (or next) home:
- Experience counts. In no way am I saying that less-experienced lenders are worse than lenders with several years of experience under their belt. I’m sure there are many mortgage lenders with less experience who provide a better client experience than their seasoned counterparts. Rather, my point is that overall experience includes the organization a lender works for. While you may be hesitant to work with a new lender who’s just starting out, look at the bigger picture. If the organization they work for is solid and reputable, you can probably rest assured that they hired one of the best to represent their company as a lender, provided ample training as necessary, and also provides ongoing support and mentorship from others in the organization who have a few more years of experience under their belt.
- There’s a difference between consultative selling and pushing products. Not all mortgage lenders push specific products purely for the sake of meeting a quota. ECCU, and other quality mortgage lenders, will take the time to sit down with you, evaluate your overall financial situation, and recommend options that benefit you. We don’t want you to take out the maximum amount you can afford if it means your cash flow is going to be compromised. Think of your mortgage lender as someone who looks out for your best interest, not theirs.
- It’s all about you. Mortgages can be incredibly overwhelming, especially to first-time home buyers. So when you’re buying a home, nothing beats having a lender who can look at your personal situation and make recommendations based on your needs. Don’t be afraid to ask questions if you get lost during the process; a good lender will take the time to thoroughly explain and walk you through it. I’ve lost count as to how many times I’ve seen the deer-in-the-headlights look when a first-time home buyer has reached information overload. Nothing is more encouraging than a lender who understands your personal situation and can help navigate when you’re feeling overwhelmed. We offer that personal connection at ECCU. Any reputable mortgage lender will.
Now Is A Great Time To Buy
Whether you’ve been thinking about buying your first home, upgrading to a larger home, or downsizing, head on over to our Mortgage Specials page for more information on our 100% financing, no money down, and no PMI 15- and 30-Year mortgages. I would be happy to answer any questions you may have; call me at 269.544.3143 or shoot me an email.