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Slide 1: How To Choose A Mortgage Lender • Are you a first time home buyer? • Do you find it difficult to choose a lender? • Are you confused about how and where to start ? Don’t worry! We have the answers to your queries. www.mortgagesum.com
Slide 2: Mortgage Industry • • • Mortgage industry is very competitive. There are a plenty of small and big lenders operating in it. Mortgage industry is highly regulated by federal laws, few federal enforcement agencies and by many states laws. Mortgage lenders may also be affiliated with state or federal agencies that provide funds or guarantee real estate loans such as HUD and Freddy Mac. www.mortgagesum.com
Slide 3: Lender Deciding Factors To guide the first-time home buyers we have drafted six factors they must look in a mortgage lender. Reputation/ Track record Service Lender fees Closing cost 5 6 Longevity Competitiveness www.mortgagesum.com
Slide 4: Lender Deciding Factors Reputation/ Track record 1 Service 2 Whether you opt for a small or a large brand mortgage lender, one important thing you must check for is their reputation in the market. Their track record will tell you about their previous performance. Also, you can ask for recommendations from your family, friends, neighbors, colleagues or other acquaintances. Service is important part of any deal and a mortgage is no different. In addition to reliable and quality service, the lender should offer additional services like free counseling, educational materials and free credit reports www.mortgagesum.com
Slide 5: Lender Deciding Factors Lender fees 3 Closing cost 4 Lender fees is as crucial as interest rate as it constitutes 1-2 % of your total mortgage value. Some typical lender fees include application, origination/service and appraisal fees. Opt for a lender who charges you in the minimum possible way. Fees such as Broker Fee, Loan Lock Fees, Commitment Fee, Tax Service Fee and Processing Fee constitute closing costs. It can be anywhere between 10-15% of total mortgage value. Always look out for a lender who charges competitive closing costs. www.mortgagesum.com
Slide 6: Lender Deciding Factors Longevity 5 Competitiveness 6 Look for a company that has been around for a long time in the business. Find out how long the lenders on your list have been in business. Shop, compare and negotiate. Approach at least 4-5 lenders, fill in the application forms and compare the offers to find out whoFor the best deal costly, is relatively less more competitive and then negotiate for the best financing deal. www.mortgagesum.com
Slide 7: THANK YOU! www.mortgagesum.com