When it comes to purchasing a new home it’s important to take your time to compare and research different lenders’ interest rates, fees and closing costs. Starting with the top 10 mortgage lenders can help save a great deal of time in your researching efforts by helping you narrow down which lenders you’d like to apply with. The housing market continues to change and it’s at times when the market seems a bit unsteady that its best to go with a mortgage lender that has an established and trusted reputation. The top 10 mortgage lenders are as follows: Citibank, Wells Fargo, Bank of America, Suntrust, JP Morgan Chase, Quicken Loans, PNC Mortgage, Ally Financial/GMAC Mortgage, US Bank Home Mortgage and PHH Mortgage.
The lender you choose is important to your overall mortgage purchase as you are trusting that the lender will lock in your desired rate and will negotiate fees. You should feel comfortable with the mortgage lender you select as they should conduct themselves in a professional, trustworthy manner. Choosing one of the top 10 mortgage lenders will provide additional benefits and enable you to research their history, consumer reviews and current standing with approving agencies. Before selecting the best mortgage lender for your needs, it’s a wise idea to have a thorough understanding of what type of mortgage you need. This will help reduce the chance of wasting time focusing on or applying for loans that aren’t the best suited for your business or personal goals. You can make the most informed selection if you know exactly what you need before you begin the application process.
When comparing various mortgage lenders and their rates it’s important to ensure that you are selecting mortgage rates based upon the correct zip code. The top 10 mortgage lenders make it easy to compare rates, however, these figures won’t be accurate unless they are based upon the zip code where you are considering purchasing a home or business. The top lenders will let you compare various rates online but mortgage prices are contingent upon location. When comparing various prices and rates with different mortgage lenders ask for a good faith estimate. This will break down the approximate fees associated with closing costs. These can vary greatly between mortgage brokers so make certain to include these figures when performing your research.
Many people find they choose their mortgage lender through a referral. These are often personal referrals given by friends and family members. Take the time to research those referrals as well as the lenders that frequently make important top ten lists such as the Forbes list. Citibank, Wells Fargo and JP Morgan Chase have enjoyed a long history of leading the nation in mortgage sales.
Mortgage brokers should be certified with the National Association of Mortgage Brokers as this ensures that the lender you are working with is certified and experienced regarding handling mortgages. A certified broker can provide you with the best resources and services as you purchase your home or business.
Those buying a home for the first time will find there are many benefits to home ownership. One of the greatest advantages to buying a home, is that over the long run, home’s appreciate. Though the market may go through unsteady or difficult periods, history shows that homes continue to appreciate, therefore they are used as investment tools. Homeowners are entitled to a number of tax benefits due to ownership. Those with mortgages smaller than the price of the home will find the tax rates are favorable due to home ownership. Many homeowners who are interested in refinancing or purchasing a home for the first time generally feel more comfortable working with one of the top 10 mortgage lenders as opposed to a newer, less know mortgage company.
New home buyers can take free local workshops provided through their HUD office or other mortgage institution to help ensure they are well prepared for the financial responsibility and commitment required as mortgage holders. Check with each of the top 10 mortgage lenders as they may have their own free workshops available for homebuyers as well.