Buying a home can be a very exciting process, especially if you like shopping. And just like shopping for anything else you’ll want to make sure you stay within your budget. Unless you have the money to pay for the house in full, you’ll need to consult a mortgage broker. They’ll tell you how much you can afford, what your monthly payments will be and if you qualify for a loan. Mortgage lenders are the ones who provide funds to the buyer.
Choosing the right lenders that will offer not only the best deal but also excellent customer service.
Listen carefully, here are 4 tips for finding the best mortgage lender near you.
- Get your credit score in shape
- Know the mortgage lending landscape
- Get pre-approved for your mortgage
- Compare rates from several mortgage lenders
But before that, we’ll teach you a brief knowledge about mortgage lenders.
WHAT IS MORTGAGE LENDERS?
The role of a mortgage lender is to loan money for buying property. The lenders can be banks, credit unions or private individuals.
Remember, loan officers and mortgage brokers can be confused with a mortgage lender who arranges the loan. What they do is work with multiple lenders to find the one that will offer you the best rate and terms. When you take out the loan, you’re borrowing from the lender, not the broker, who simply acts as an agent.
TIPS FOR FINDING THE BEST MORTGAGE LENDERS
1. Get Your Credit Score In Shape
When you’re applying for a mortgage, your credit score has the most impact on the rates you’ll get. Lower credit score indicates that lending to you is risky. Generally, a score of 750 and higher is considered an excellent rating.
Well, the good news is there are a lot of ways to improve your score. Do not settle for mortgage rates that you’re currently qualified for if you aren’t comfortable with the terms. Instead, work on improving your score.
Remember, get a copy of your credit score and review it for any errors. Merely correcting your mistakes can help improve your credit score.
Next is improving your debt-ratio by paying off high-interest debt lowers your overall level of debt.
2. Know Lending Landscapes
When it comes to choosing lenders, knowledge is power. Having an idea about different types of lenders is essential.
Here are different types of lending you may consider:
- Credit unions
- Mortgage bankers
- Online Lenders
- Savings and loans
- Mutual savings bank
In the area with a lot of buyers or region with stagnant sales, rates and prices can change over time. Researching and understanding what types of mortgage are available and how they differ can’t do you any harm.
3. Get Pre-approved For Your Mortgage
Most homebuyers start out searching online to get an idea of what neighborhood they like, but some don’t know what they can afford. You don’t want to start looking for a home without knowing what your price range will be. Not only will getting pre-approved save you time by not looking at homes you can’t afford it also puts you in position to make an offer when you find the home that meets your wants and needs.
If you start off by getting pre-approval chances are you’ll find your dream home faster.
4. Compare Offers and Lenders
When considering taking out loans, it is important to compare before making a decision. Searching online or asking a friend who can recommend their lender and compare them can find a mortgage lender that is best for you.
Knowing the rates and different features of mortgage lenders around the area will save you time and money.
If you are looking for lenders near Kingstowne, you’ve come to the right place. We listed ten different trustworthy and professional mortgage brokers below.
If you are looking for other reliable services around the area, you’ve come to the right place, click here for a consolidated list of trusted vendors near you.
(Gold Star Mortgage Financial Group)
Address: 5971 Kingstowne Village Pkwy., Suite 232, Alexandria, VA 22315
Contact Number: 703-891-5162
Business Website: www.dannycurrie.com/
(FairwayIndependent Mortgage Corporation)
Address: 2241-C Tackett’s Mill Drive, Woodbridge, VA 22192
Contact Number: 703-929-2274
Business website: www.queenofmortgages.com
Contact number: 571-393-1356
Business website: www.loansbydarius.com
(embrace home loans)
Contact number: (800)333-3004 Ext. 3434
Business website: www.embracehomeloans.com
First Meridian Mortgage Corporation
Address: 8305 Richmond Hwy, Ste 12A, Alexandria, VA 22309
Phone number: (703) 799-5626
Business website: firstmeridianmortgage.com
Jenny Kim – George Mason Mortgage
Address: 750 Tysons Blvd. Ste 100, McLean, VA 22102
Contact number: (703) 244-4149
Business website: gmmllc.com/jkim
Address: 2121 Eisenhower Ave, Ste 200, Alexandria, VA 22314
Contact number: (703) 349-3901
Business website: springbankmortgage.com
J.G. Wentworth Home Lending, LLC
Address: 3350 Commission Court, Woodbridge, VA 22192
Contact number: (888) 468-1230
Business website: https://www.jgwentworth.com/en/mortgages
Prosperity Home Mortgage, LLC
Address: 14501 George Carter Way, Suite 300, Chantilly, VA 20151
Contact number: (877) 275-1762
Business Website: http://phmloans.com
Atlantic Bay Mortgage Group
Address: 596 Lynnhaven Parkway, Suite 200, Virginia Beach, VA 23452
Contact number: (757) 213-1660
Business website: http://www.AtlanticBay.com