When looking for the right mortgage, it is not uncommon for homeowners to start their search online. While this can be a great way to get a feel for the current real estate market, it can also lead to you working with a lender that is not in your local area. Consider these factors to ensure that you choose the right lender for your home mortgage.
- Rate quotes – even if you are planning on working with a lender that is recommended by a friend or family member, check the mortgage rates in your local area online first. Online lenders are very competitive and will show you the best rates that are available. You can then use those rates to make sure that the lender in your area is offering you the right rates.
- Settlement fees and procedures – all local real estate markets have specific settlement fees and procedures that are special to the area. Non-local lenders may not know about these fees and procedures, which could lead to the sale falling through. Local lenders will be up to date on all that information to help make sure that you are able to close on the house.
- Communication with local agents – local real estate agents will have a relationship with local lenders, which can be beneficial when it comes time to write an offer. Your agent will be able to guide you to a lender that they trust and have worked with in the past. Keep in mind that you are not obligated to use the lender that they recommend.
- Property knowledge – you are not able to get your loan finalized until your lender conducts a review of the home inspection and title report. Local lenders will have a network of contractors and appraisers that are needed to get those reports.
When looking for your next house in Chino Hills, California and the surrounding areas, contact professional real estate agents John & Michelle.