5 Tips to Find a Mortgage lender
NOTE: Due to the coronavirus outbreak, obtaining a mortgage may be a bit of a challenge. Lenders are dealing with demand and staffing issues. If you can’t pay your current home loan, refer to our mortgage assistance resource. For the latest information on how to cope with financial stress during this emergency, see NerdWallet’s financial guide to COVID-19.
When you buy a home, you’re in it for the long haul. You’ll have a mortgage payment for 15, 20 or 30 years, so it’s smart to shop around to find the best mortgage lenders out there.
How to look for a lender
Finding a mortgage lender involves more than just getting a good interest rate; you want to work with the best mortgage companies, staffed by professionals who will guide you through the process.
Below are five tips to help you hunt for the best mortgage lender.
- Get your credit score in shape. The higher your credit score, the more bargaining power you’ll have.
- Know the mortgage lending landscape. We’ve done some of the homework for you below.
- Get preapproved for your mortgage. Boost your chances of having your offer accepted by getting preapproved.
- Compare rates from several mortgage lenders. You can search for the best mortgage rates online.
- Ask the right questions and read the fine print. Find out about requirements and fees, including costs beyond principal and interest payments.
NerdWallet has researched some of the best available major national mortgage lenders to help you quickly find the right lender for your needs.