4 Signs You’ve Got a Good Mortgage Lender

Mortgage lender having a meeting with a couple

Mortgage lender having a meeting with a couple

There are many reasons and purposes for acquiring real estate. It may be a commercial space to start your local business, office space for your startup company or even residential space. When it comes to residences, you could be talking about an apartment in the city centre, a condominium in a low key area near the city or even a house and land in a suburban neighbourhood. Whatever the case may be, you will need some help financing the purchase. With a residential property like a house and land particularly, your go-to will usually be a credible mortgage lender.

Finding the right mortgage lender when planning to buy real estate in the Burnside area can be tough, but not impossible. Regardless, it’s still manageable with the right moves and a never-give-up attitude. If you’re considering getting a mortgage, then the following tips should help you weed out the good from the bad:

1. Local Office

One glaring sign of a credible lender is if the mortgage lender has an on-site office in the area, allowing you to meet them face to face instead of contacting them online. Face to face interaction makes it easier for you to properly communicate with the lender and iron out details, as well as ask questions when it becomes necessary. It’s generally easier to transact, as you won’t have to wait for them to respond to your emails.

2. Credit Guide

The lender should also be able to give you their credit guide which essentially includes everything you need to know about their service. The range of services they offer, their rates, experience, and so on. It can be argued that the willingness of the lender to show their credit guide means that the lender is transparent and therefore, more trustworthy than most. Note though that just because the credit guide is offered doesn’t automatically mean you should say YES. Closely inspect their credit guide as well, figuring out whether the credit guide meets with your personal needs.

3. Lender Works Within Your Budget

Person using the calculatorThe lender should also work within the amount you appointed. Just because you’re allowed to take a $500,000 loan doesn’t mean you should, and your lender should not push you towards taking this option. If you think your lender is trying to back you into a corner, find someone else.

4. Maintains Contact

A good lender will keep you up to date with what’s happening to your application. They should take the initiative in keeping you in the loop or at the very least, open about the transaction each time you initiate contact.

Of course, those are just some factors to keep in mind when looking for a mortgage lender. Note that your circumstances will also help determine which mortgage lender is the best fit for you. It never hurts to consult a financial adviser to assist you by providing sound recommendations, or even a lawyer to help you understand the nitty gritty parts of your contract. These professionals can help you make sure that nothing goes awry.