If you’re like most people who are buying a home or land in Lake City or a nearby community, you’re going to need a mortgage loan. A recent survey cited by Realtor.com says that 1 in 5 buyers is disappointed in his or her lender – and we don’t want that to happen to you.
Here’s how to find the best mortgage lender for your needs.
How to Find the Best Mortgage Lender for Your Needs
To find a lender that will really meet your needs as a buyer, ask yourself:
- How much should I borrow?
- Do I qualify for a conventional loan?
- Should you hire a mortgage broker?
Let’s take a closer look at each of these.
#1. How much should I borrow?
There’s no one-size-fits-all mortgage. Sometimes you need a jumbo loan – one that exceeds the loan limit of conforming loans – and in that case, you should work with a lender that specializes in them. In fact, if you’re using a USDA loan or an FHA loan, you’ll want a lender familiar with those, just like you’d want a lender specializing in VA loans if that’s what you’re using.
Related: Mortgage information
#2. Do I qualify for a conventional loan?
Most buyers use conventional loans. That’s because they usually offer the lowest interest rates. But in order to qualify for a conventional mortgage, you’ll have to have a credit score of at least 620 and bring a down payment between 5 and 20 percent to the closing table.
If you don’t qualify for a conventional loan, you’ll need to find a lender that can work with you on your terms.
#3. Should you hire a mortgage broker?
A mortgage broker can find the best lender and the best loan product for you – but you’ll have to hire one. The service isn’t free.
If you don’t want to do the legwork, this is the solution for you!
Are You Buying a Home or Land for Sale in Lake City?
If you’re moving to Lake City, we can help you find the perfect place to live. Call us at 386-243-0124 to tell us what you want from your home and we will begin searching right away.
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