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Like real estate agents, not all lenders are created equal. Interview different local bankers, mortgage brokers, and lenders from national banks to see which suits your needs best. Ask them various questions about how long they’ve been in the business, how long they usually take to closes loans, and what kinds of loans they have the most experience with. It is also important to educate yourself on the different kinds of loans.
Many lenders wont tell you their rates until you apply for a loan with them. This is because they need your personal information before they can determine how much your loan will be and have much interest to charge.
A lender will run a credit check on you so it is important to tell them if you have any late payments, an account in collections, or a dispute with someone who has resulted in judgment against you. Telling your lender beforehand can help them find ways for you to raise your credit score. Scores 740 or above get the best interest rates.
Tell your lender about your current financial situation. Being dishonest about income and current jobs can result in loss of the loan or mortgage fraud.