Things to Know Before Hiring a Las Vegas Mortgage Lender
Congratulations on making the decision of purchasing a home! This can be a very exciting, yet overwhelming part of your life. In many cases, the need for a mortgage lender is essential for they help streamline the process and lend you money to purchase the home you want.
If you have no idea where to begin when seeking a lender, don’t worry! We are here to inform you of the basics before you make a final hiring decision.
The Difference Between a Mortgage Lender and Broker
Before we begin, we want to mention that there is a difference between a mortgage lender and broker; however, the same tips can be applied to both. A mortgage broker serves as a middleman between the borrower and mortgage lender. They do not lend money; they simply find a lender. The advantage of a broker is that they may work with many lenders.
On the other hand, a mortgage lender is an actual organization that provides funding for real estate purchases. They will make the loans directly to you. Whichever you decide to go with, keep in mind loan terms, interest rates and fees to come to an educated, wise decision.
The following 4 tips for hiring a mortgage lender in Las Vegas, NV will make this process so simple you will have a qualified mortgage lender in no time!
- Ask Around
Our first tip is very simple and probably the most important one of them all: ask family and friends who have recently purchased a home for it is highly possible they hired a mortgage lender. Word of mouth recommendations are often the best. Asking a trusted individual will ensure you find an experienced, knowledgeable professional.
- Do Your Research
Even after you ask around and receive dozens of wonderful options, you want to conduct a simple Google search and do some research of your own. If a friend, relative, or colleague refers you to a broker, look them up online and view their reviews. This will be a good indicator of the type of experience you will receive if selecting them as your mortgage lender.
- Watch Out for Mortgage Fees
Before filling out or signing any paperwork, ask about the different mortgage fees you will be charged. Common fees that you should expect are a bank appraisal fee, rate lock fee and application fee. Be sure you have a full understanding of what you are paying for before committing to anything.
- When in Doubt, Ask!
If you want the best experience possible, write down any questions you may have before meeting with a potential mortgage lender. This way you will make sure all your questions are answered and you’ll be able to compare multiple lenders. To save money, time, and energy be sure to ask about interest rates, products offered, fees, etc. They should be able to easily answer your questions; if they struggle perhaps it’s time to keep looking.
We hope you’ve found our suggestions useful and we wish you the best of luck finding a suitable mortgage lender. Happy shopping!
There are thousands of mortgage lenders in Las Vegas, be sure to pick a good one. For a recommendation based on your specific needs, contact us here!
Division of Mortgage Lending – State of Nevada: http://mld.nv.gov
Las Vegas Homes For Sale 702: https://lasvegashomesforsale702.com